Thinksoft Global Services soars over 50% in one week

SQS Software Systems AG has made an open offer at a price of Rs 260 per share to the public shareholders.

Thinksoft Global Services is locked in upper circuit for third day in a row, up 10% at Rs 235 on BSE after the Germany-based software testing and quality management services firm SQS Software Systems AG (SQS) has made an open offer at a price of Rs 260 per share to the public shareholders.

In past one week, the stock has rallied 57% from Rs 150 on November 5 compared to 2% fall in benchmark S&P BSE Sensex. A combined 528,556 shares have already changed hands on the counter and there are pending buy orders for around 548,000 shares on the BSE and NSE at 1035 hours.

“SQS has propose to acquire 3.05 million shares consisting of 30% of the present paid up equity shares capital of the company at a price of Rs 260 per equity share aggregating to Rs 79.33 crore,”  Thinksoft Global Services.

SQS has signed a definitive agreement to acquire a majority stake in Chennai-based financial software testing firm Thinksoft Global Services Ltd, for a total consideration of Rs 148 crore.

As per the agreement, the promoters of Thinksoft has agreed to sell 26% of the outstanding share capital of the company, which is 2.64 million shares for a price of Rs 260 per equity share.