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TeamLease Services sells subsidiary for Rs 4.70 cr

Capital Market 

TeamLease Services executed a share purchase agreement for selling its entire shareholding in IIJT Education for Rs 4.70 crore on Thursday, 2 December 2021.

The company completed the formalities of the share purchase agreement on Friday, 3 December 2021. With this sale, IJT Education has ceased to be a wholly-owned subsidiary of TeamLease Group. The sale shall have no adverse impact on the operations of TeamLease Services, the company further stated.

The company reported a consolidated net loss of Rs 49.34 crore in Q2 FY22 as compared to a net profit of Rs 18.61 crore in Q2 FY21. Net sales during the quarter jumped 34.9% Y-o-Y (year-on-year) to Rs 1,523.56 crore.

Shares of TeamLease Services advanced 3.13% to Rs 4,251.75 on BSE. TeamLease Services is a human resource company offering a range of solutions to employers for their hiring, productivity and scale challenges.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, December 06 2021. 11:04 IST