TeamLease Services, one of India's largest staffing companies, and Freshersworld.com, a leading online job portal in India, announced the signing of a definitive agreement under which TeamLease will acquire 30% stake in Freshersworld.

The transaction remains subject to customary closing conditions and regulatory approvals and is expected to close before the end of July 2017. Freshersworld will continue operating as a separate and independent entity.

Ashok Reddy, Managing Director, TeamLease Services said, ''TeamLease has hired more than 16 lac people over the last fifteen years but finding the right person at the right time in the right place is a binding constraint for our growth. The fastest growing functional segments of India's job market over the next decade are sales, customer service and logistics and freshersworld.com is uniquely positioned among entry level job seekers. Traditional employment exchanges have struggled to match employers and job seekers because of the long tail of India's supply chain but search costs are poised to reduce with Aadhar, Cell Network coverage and Smart phones.''

Shares of the company declined Rs 11.75, or 1.02%, to settle at Rs 1,140.00. The total volume of shares traded was 166 at the BSE (Monday).