Kale promoters to sell entire 35.61 per cent stake to Accelya
10 Dec 2010
Kale Consultants Ltd will sell its entire 35.61 per cent promoter shareholding to Accelya Holding World SL, a Europe-based IT and BPO service provider for airlines.
The acquisition will result in a combined entity that will be the world's largest solution provider of back office processes to the airline and travel industry, the companies said in a joint statement.
Accelya on Thursday signed an agreement with promoters Narendra Kale and Vipul Jain to acquire their entire shareholding in Kale Consultants, at Rs172 per share.
There will, however, be no change in the management team and employee structure and Kale will to continue as a public limited company.
Vipul Jain will remain managing director and CEO of Kale Consultants Ltd, will invest in group's holding company and also play a strategic role for the group.
The transaction is aimed at helping Kale reach wider market and drive faster growth, the companies said.