TeamLease Services announced yesterday after market closure that it has signed a definitive agreement to acquire 100% shares in Keystone Business Solutions Private Limited. This is being done through its wholly owned subsidiary, TeamLease Staffing Services.

The proposed acquisition does not fall within Related Party Transaction and the promoters of the Company have no interest in the entity proposed to be acquired.

The consideration involved in the transaction is Rs. 8.2 crores payable in cash.Keystone Business Solutions offers IT staffing solutions. It operates through its registered office situated in Bangalore, India.

The indicative time period for completion of the acquisition is on or before January 31, 2017.

The market is apparently very happy with this news and the stock price rose over 6.5% to Rs.935.80, with 52-week high at Rs.1207.70.

TeamLease Services provides human resource services – employment services and employability services. Employment services include staffing solutions, recruitment services and compliance services while  employability is about learning and training solutions for retail, institutional and enterprise customers.