The transaction is subject to regulatory approvals. The company would be convening an extraordinary general meeting on March 12 to transact the said businesses, it said in a filing on the BSE. The acquisition would expand TCILs portfolio of service-related businesses and mark its entry into the HR. Share of TCIL rose 2.60% to end at R55.25 on the BSE on Wednesday.
In a filing to the BSE, TCIL said that Ikya will operate as a standalone independently managed entity supervised by it with the assistance of its new parent Fairbridge, a wholly-owned step-down subsidiary of Toronto-based financial services holding company Fairfax Financial Holdings (Fairfax).
In a separate filing, TCIL said it would issue 3.6 crore equity shares to institutional buyers to dilute promoter holding in accordance with regulatory requirement. Sebi had set a June deadline for Indian companies to reduce their promoter holding to 75% or below. As on December, promoter holding in TCIL stands at 87.10%.
Madhavan Menon, MD, TCIL, told FE, "This is not a diversification but delivery of TCILs strategic intent to invest in partnerships that broaden our platform to increase shareholder value. The funding will be via a combination of internal accruals and institutional placement programme.