TeamLease Services hikes stake in Schoolguru by 36%; stock declines 5%

Shares of TeamLease Services declined 5.4 per cent to quote at Rs 2,163.6 apiece on the BSE on Wednesday. In comparison, the benchmark S&P BSE Sensex was down 217 points, or 0.56 per cent, at 38,150 level. 

The consumer services company, on Tuesday, announced acquisition of additional 36.17 per cent stake in Schoolguru Eduserve. "Pursuant to the said acquisition of additional 36.17 per cent stake, the Company now holds 76.37 per cent stake in Schoolguru, hereby rendering Schoolguru as a Subsidiary of the Company, with effect from the said date," it said in an exchange filing.READ HERE

In 2017, the company had acquired 40 per cent stake in online learning company Schoolguru for Rs 13.53 crore, a move that the company had said would accelerate it's employability strategy.

From its recent low of Rs 1,481.4 (closing basis), hit on May 27, the stock has rallied 54.5 per cent till Tuesday. In comparison, the S&P BSE Sensex has gained 21.3 per cent during the same period.  

TeamLease Services is one of India’s leading human resource companies offering a range of solutions to 3500+ employers for their hiring, productivity and scale challenges. Teamlease also operates India's first Vocational University and India's fastest growing PPP National Apprenticeship Program.