Shares in consulting and BPO services provider Kale Consultants rose to their highest in 10 years after it said Spain’s Accelya Holding World S.L. will buy 35.6 per cent in the firm from promoters.
Kale’s promoters have agreed to sell 5.7 million shares to Accelya at a price of 172 rupees per share in cash to expand its presence globally, it said on Friday.
Accelya would launch an open offer to shareholders of Kale, the company said in a statement.
The move is likely to help Kale add to its revenue in the next fiscal year, Chief Executive Vipul Jain said.
“It’s not that in the next two quarters you will see a jump in revenue or something like that. That’s not likely to happen,” Jain said. “It would be next fiscal onwards,” he added.
“In the next couple of days you will see the public announcement (of the open offer),” Jain said.
Accelya, which provides BPO services to the airline and travel industries, has delivery centers in countries such as Spain, Mexico, South Africa, France, United Kingdom, Tunisia, Portugal and Hungary.
“This whole discussion with Accelya started over a dinner meeting that I had with the CEO nearly about ten months back. We saw strategic fit between the businesses,” Jain said.
After the deal closes, Vipul Jain will continue as the CEO and managing director of Kale Consultants and there will be no change in the management and employee structure of Kale Consultants, the company said.
Shares of the company rose as much as 18.2 per cent to 168.7 rupees on the BSE, its highest since September 2000. They later pared some of their gains to trade up 13.2 per cent at 161.6 rupees at 2.16 pm. in a firm Mumbai market.