Spain’s Accelya to buy entire promoters stake in Kale Consultants for Rs97.52 crore
11 Sep 2010
Kale Consultants Ltd, the leading solutions provider to the airline, logistics and travel industry, said on Thursday that its promoters have agreed to sell their entire controlling stake in the company to Spain's Accelya Holding World, a IT and BPO service provider, for Rs97.52 crore ($21 million).
Pune-based Kale Consultants promoters, Narendra Kale and Vipul Jain have agreed to sell their entire 35.61 per cent stake in the company for Rs172 per share subject to governmental and regulatory approvals.
Accelya will announce an open offer to acquire an additional 20 per cent stake in the company, which will continue to be listed on the Bombay and the National Stock Exchanges.
Vipul Jain, the CEO and managing director of Kale Consultant will continue to run the company and there will be no change in management team and employee structure, said Kale in a statement.
"The promoters have exited the company. But I will continue to head the firm. Rather, I will be investing some of the proceeds from the sale into the holding company," said Jain.
With over $75 million (Rs370 crore) in revenue and more than 600 people employed globally, Accelya is a leading BPO provider to the airline and travel industry in areas such as BSP Processing, Sales Audit, Business intelligence, e-invoicing and settlement, EDI and credit card management.