Quess Corp shares soar after board clears Amazon’s investment

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Published: July 13, 2019 1:25:10 AM

Quess Corp is a step-down subsidiary of Fairfax Financial Holdings Group and is held through its Indian listed subsidiary, Thomas Cook India.

Quess Corp said the equity shares would be allotted at an issue price of Rs 676 per piece. Shares of the firm ended the day’s session 9.27% up at Rs 480.95 on the BSEQuess Corp said the equity shares would be allotted at an issue price of Rs 676 per piece. Shares of the firm ended the day’s session 9.27% up at Rs 480.95 on the BSE

Shares of business services provider Quess Corp jumped as high as 18% intraday on Friday after the company announced that the board members have approved the allotment of over 7.5 lakh shares to “Amazon.com NV Investment Holdings”, a unit of US-based retail giant Amazon, for an investment of Rs 51 crore by way of preferential allotment.

Quess Corp said the equity shares would be allotted at an issue price of Rs 676 per piece. Shares of the firm ended the day’s session 9.27% up at Rs 480.95 on the Bombay Stock Exchange. The company would be holding an extraordinary general meeting (EGM) on August 08 for the issue, it said.

Quess Corp indicated in its exchange filing that, post the allotment, the investor will hold 0.51% of the equity share capital of the company. The firm also indicated that the proceeds from the proposed issue would be utilised towards the business of its subsidiary, Qdigi Services.

Quess Corp is a step-down subsidiary of Fairfax Financial Holdings Group and is held through its Indian listed subsidiary, Thomas Cook India.

In April this year, Quess Corp had announced that its subsidiary Conneqt Business Solutions was set to acquire a majority stake in Allsec Technologies.

The transaction involved Conneqt purchasing 35.35% from the promoters and 26% from First Carlyle Ventures Mauritius, thereby acquiring a majority control of 61.35%, Quess Corp had said.

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