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Kale Consultants to sell 35.61% stake to French firm Accelya

Kale Consultants to sell 35.61% stake to French firm Accelya
PTI
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First Published: Fri, Sep 10 2010. 01 02 AM IST
Updated: Fri, Sep 10 2010. 01 02 AM IST
Mumbai: Software solutions provider Kale Consultants today said its promoters will sell 35.61% stake in the company to France-based BPO firm Accelya Holding World.
“Accelya Holding World S L has signed an agreement with the promoters Narendra Kale and Vipul Jain to acquire their entire shareholding at a price of Rs 172 per share,” Bombay Stock Exchange-listed Kale Consultants said in a statement.
The promoter shareholding amounts to 35.61% of the outstanding share capital of the company on fully diluted basis, it said, adding that the agreement is subject to governmental and regulatory approvals.
The acquisition of Kale Consultants will make Accelya Group the world’s largest solution provider for back office processes related to the airline industry.
According to the statement, the proposed deal is likely to trigger an open offer by Accelya to the shareholders of Kale Consultants.
Post the transaction, Kale will remain a public listed company. Vipul Jain will continue to be the managing director and CEO of the company.
“Both companies are end-to-end solution providers to the airline and travel industry... Kale (would) provides its specialist domain knowledge, technology expertise and software products to the partnership,” it added.
Shares of Kale Consultants at BSE closed at Rs 142.71, up 2.11% from the previous day.
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First Published: Fri, Sep 10 2010. 01 02 AM IST