TeamLease Services gains as board OKs buyback worth Rs 100 cr

TeamLease Services rallied 3.88% to Rs 2,334.05 after the company's board approved buyback worth upto Rs 100 crore at a price of Rs 3,050 each through tender offer route.

The buyback price is fixed at Rs 3,050 per share, representing a premium of 35.74% to Thursday's closing price of Rs 2,246.95 on the BSE.

The indicative maximum number of equity shares to be bought back under the buyback would be 3,27,869 equity shares, representing 1.92% of paid-up equity shares of the company.

As on 27 January 2023, promoters and promoter group held 31.51% in the company.

"Details regarding the post-buyback shareholding pattern have not been provided since the actual number of equity shares that will be bought back and category of shareholders from whom the equity shares will be bought back cannot be determined at this stage," the company stated.

Team Lease Services provides to its clients a gamut of HR services that include Staffing Services, Temporary Recruitment, Permanent Recruitment, Payroll Process Outsourcing, Regulatory Compliance Services, Vocational Training / Education and Assessments.

The company's consolidated net profit declined 3.4% to Rs 28.96 crore despite of 14% jump in net sales to Rs 2,008.28 crore in Q3 FY23 over Q3 FY22.

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