February 22, 2017 / 7:03 AM / 6 months ago

BUZZ-India's HOV Services hits more than 9-yr high on merger deal

** Shares of India's business process outsourcing company, HOV Services Ltd, rise as much as 18.8 pct to their highest since Nov. 19, 2007

** Company approves merger deal worth about $2.8 billion between SourceHOV LLC, tech-based services provider Novitex Holdings and special purpose acquisition company Quinpario Acquisition Corp.2 (bit.ly/2lKsn88)

** As per the deal, HOV Services' unit HOVS LLC, as a shareholder of SourceHOV will get 28.7 mln newly issued shares of Quinpario

** Stock posts biggest intraday percentage gain since Jan. 10

** About 3.5 mln shares change hands as of 0656 GMT, more than eight times the stock's 30-day average of 418,977 shares

** Up to Tuesday's close, stock has gained 59 pct this year

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