 "HOV Services zooms 78% in five days on stake sale plan SourceHOV")
HOV Services is locked in upper circuit for second straight day, up 10% at Rs 168, also its 52-week high on BSE, after the board of directors approved sale of its entire investment in SourceHOV.
HOV Services has a shareholding of 26.1% in SourceHOV through its US subsidiary HOVS LLC. The company in its filing said that it has received an offer of purchase from US-based buyout firm HandsOn Fund 4.
The company said the board of directors will monitor the use of sale proceeds, including considering dividend and new investments to grow the current business.
Since September 25, in past five trading sessions, the stock has rallied 78% from Rs 94, after its business process outsourcing (BPO) firm SourceHOV said it has entered into an agreement with BancTec Group LLC.
At 1145 hours, a combined 331,940 shares changed hands and there are pending buy orders for 147,677 shares on NSE and BSE.
HOV Services has a shareholding of 26.1% in SourceHOV through its US subsidiary HOVS LLC. The company in its filing said that it has received an offer of purchase from US-based buyout firm HandsOn Fund 4.
The company said the board of directors will monitor the use of sale proceeds, including considering dividend and new investments to grow the current business.
Since September 25, in past five trading sessions, the stock has rallied 78% from Rs 94, after its business process outsourcing (BPO) firm SourceHOV said it has entered into an agreement with BancTec Group LLC.
At 1145 hours, a combined 331,940 shares changed hands and there are pending buy orders for 147,677 shares on NSE and BSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%