CCI gives nod to Amazon’s 0.51 per cent equity share acquisition of Quess Corp

By: |
September 9, 2019 5:18 PM

Amazon.com NV Investment Holding LLC is an "investment holding company which is globally engaged in the business of making investments and is also registered as a foreign portfolio investor in India," the notice added.

The regulator in a tweet on Monday said it “approves acquisition of 0.51% of the equity share capital of Quess Corp Limited by Amazon.com NV Investment Holding LLC.”

Fair trade regulator Competition Commission of India (CCI) on Monday said it has cleared the acquisition of equity share capital of Quess Corp by Amazon.com NV Investment Holding LLC. Quess Corp in a regulatory filing on July 12 had said its board has approved the issuance of over 7.54 lakh equity shares to Amazon.com NV Investment Holdings LLC for an aggregate amount of around Rs 51 crore at an issue price of Rs 676 apiece by way of a preferential allotment. It had further added that the investment will be going to Quess Corp’s wholly-owned subsidiary Qdigi Services Ltd.

The regulator in a tweet on Monday said it “approves acquisition of 0.51% of the equity share capital of Quess Corp Limited by Amazon.com NV Investment Holding LLC.” “The proposed transaction involves the acquisition of a minority non-controlling investment by the acquirer, undertaken solely as an investment in the ordinary course of its business,” according to a combination notice filed with the CCI.

Amazon.com NV Investment Holding LLC is an “investment holding company which is globally engaged in the business of making investments and is also registered as a foreign portfolio investor in India,” the notice added. Quess Corp Group and its subsidiaries are engaged in various activities in the market for provision of facilities management services in India, CCI said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1NCLT gives nod to Reliance Infratel resolution plan; lenders may get around Rs 4,400 cr
2Google accused of illegally spying on employees before terminating them
3Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services