The Board of Directors of TeamLease Services Ltd at its meeting held today i.e. July 24, 2018, considered and approved acquisition of additional 21% stake in Cassius Technologies Private Limited (Fresher's World). With the additional 21% equity, the Company's stake in Fresher's World increases from 30% to 51% and Fresher's World will become subsidiary of TeamLease Services Limited post completion of the transaction.
Bangalore headquartered Fresher's World (www.freshersworldcom) is the leading job site for entry level hiring in India with about 4 million unique visits every month. It has a database of 1 crore+ resumes with over 2 lakh resumes added every month. Fresher's World dominates its competitors in fresh hire segment with an organic traffic of over 90% and is ranked among the Top 5 hiring portals in India in terms of traffic (as per Alexa). It has over 60,000 registered employers / recruiters with 4,000 subscribed customers and conducts 100+ virtual recruitment drives every month. Fresher's World is one of the very few online portals with positive margins and operating cash flows. For FY18, The revenue for the company was Rs. 5.83 Crores.
The cash consideration of Rs. 3.78 Crores will be paid for additional 21% equity in Fresher's World.
Shares of TeamLease Services Ltd was last trading in BSE at Rs.2784.2 as compared to the previous close of Rs. 2796.55. The total number of shares traded during the day was 2423 in over 457 trades.
The stock hit an intraday high of Rs. 2871.5 and intraday low of 2744.3. The net turnover during the day was Rs. 6832972.