Thomas Cook (India) surges on plans to acquire HR firm IKYA
The promoters of the company also propose to sell a maximum 36 million shares to qualified institutional buyers.
Thomas Cook (India) has surged over 5% to Rs 56.55 after the travel services provider said that it is acquiring 74% stake in HR solutions company IKYA Human Capital Solutions for Rs 256 crore (approximately $47 million).
“IKYA offered specialised HR services that included search, recruitment, project-based hiring and skill development to more than 500 corporate clients in India,” Thomas Cook (India) said in a statement.
The move would enable the company to expand its portfolio of service related businesses by making a foray into "one of the world's largest human resource markets", it added.
Meanwhile, the promoters of the company propose to sell a maximum 36 million shares to qualified institutional buyers, also known in market parlance as institutional placement programme (IPP). The move is in line with guidelines stipulating 25% public shareholding, the company said.
The stock opened at Rs 54.65 and touched high of Rs 58.45 on the NSE. As many as a combined 133,637 shares have changed hands on the counter so far against an average less than 35,000 shares that were traded daily in past two weeks.
“IKYA offered specialised HR services that included search, recruitment, project-based hiring and skill development to more than 500 corporate clients in India,” Thomas Cook (India) said in a statement.
The move would enable the company to expand its portfolio of service related businesses by making a foray into "one of the world's largest human resource markets", it added.
Meanwhile, the promoters of the company propose to sell a maximum 36 million shares to qualified institutional buyers, also known in market parlance as institutional placement programme (IPP). The move is in line with guidelines stipulating 25% public shareholding, the company said.
The stock opened at Rs 54.65 and touched high of Rs 58.45 on the NSE. As many as a combined 133,637 shares have changed hands on the counter so far against an average less than 35,000 shares that were traded daily in past two weeks.