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Stock Report
Hinduja Global Solutions Limited arm raises stake in HGS Digital LLC to 100%
Posted On : 2021-01-23 17:52:48( TIMEZONE : IST )
"Hinduja Global Solutions UK Limited", a subsidiary of Hinduja Global Solutions Limited which holds 91.77% equity interest in HGS Digital LLC (formerly known as Element Solutions LLC, USA) has on January 22, 2021, acquired the balance 8.23% equity interest in the "HGS Digital LLC, USA" in accordance with the purchase agreement entered on March 29, 2018 and as amended from time to time.
The consideration to be paid for acquisition is $1,827,026 - On or before June 30, 2021. An additional amount, based on performance of agreed business and financial performance of FY21, no later than October 31, 2021.
HGS Digital LLC, USA (formerly known as Element Solutions, LLC, USA) was incorporated in 2003. It is a digital services provider helping customers develop an integrated digital business through consulting and implementation of Oracle DX solutions, Sales force platforms etc. The Company is also engaged in cloud migration and support maintenance of digital infrastructure for the customers. The Company is based out of Chicago, United States of America and having an office in Austin.
Revenue for the past three years was about US$ 8.4 million in calendar year 2017, US$ 15.5 million in FY 2019 and US$ 18.4 million in 2020.
The objective of the acquisition is to grow the digital marketing and digital experience service business of the Company. This acquisition of additional equity interest of 8.23% is in accordance with the terms agreed in the purchase agreement dated March 29, 2018, as amended from time to time. After this acquisition, Hinduja Global Solutions UK Limited's equity interest in HGS Digital LLC, USA has increased to 100%.
Shares of HINDUJA GLOBAL SOLUTIONS LTD. was last trading in BSE at Rs.1104.2 as compared to the previous close of Rs. 1135.75. The total number of shares traded during the day was 1306 in over 321 trades.
The stock hit an intraday high of Rs. 1167.65 and intraday low of 1084.5. The net turnover during the day was Rs. 1441508.
