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HOV Services is locked in upper circuit of 20% at Rs 121 on back of heavy volumes after its business process outsourcing (BPO) firm SourceHOV said it has entered into an agreement with BancTec Group LLC.
In the transaction, stockholders of BancTech will receive stock in SourceHOV, and SourceHOV will use a new credit facility to refinance existing indebtedness, redeem certain existing SourceHOV equity holders and provide additional working capital, HOV Services said in a statement.
HOV Services through its wholly owned subsidiary HOVS, LLC, a Nevada limited liability company (LLC) holds a minority investment in SourceHOV Holdings, Inc.
The stock opened at Rs 102 and hit a low of Rs 97 on BSE before the announcements. A combined around 450,000 shares changed hands and there are pending buy orders for 97,000 shares on BSE and NSE.
In the transaction, stockholders of BancTech will receive stock in SourceHOV, and SourceHOV will use a new credit facility to refinance existing indebtedness, redeem certain existing SourceHOV equity holders and provide additional working capital, HOV Services said in a statement.
HOV Services through its wholly owned subsidiary HOVS, LLC, a Nevada limited liability company (LLC) holds a minority investment in SourceHOV Holdings, Inc.
The stock opened at Rs 102 and hit a low of Rs 97 on BSE before the announcements. A combined around 450,000 shares changed hands and there are pending buy orders for 97,000 shares on BSE and NSE.
