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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.
