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Shares of outsourcing company eClerx Services Ltd jumped 3.3 per cent as the company has acquired CLX Europe SpA for €25 million ($27 million).
The deal will be funded from eClerx’s internal accruals.
According to Edelweiss, EClerx had cash of Rs 420 crore as of December on its books.
Broker Emkay says the acquisition will be earnings accretive from FY16. It has raised FY16/17 EPS by 2.1/2.4 per cent.
Avendus Capital Pvt Ltd acted as the exclusive financial adviser to eClerx Services Ltd on this transaction. ($1 = 0.9271 euro)
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