Quess Corp trades in green on getting nod to divest 53% stake in Simpliance Technologies

Quess Corp is currently trading at Rs. 636.45, up by 8.35 points or 1.33% from its previous closing of Rs. 628.10 on the BSE.

quess corp trades higher on the bse
quess corp trades higher on the bse

The scrip opened at Rs. 638.95 and has touched a high and low of Rs. 647.45 and Rs. 636.25 respectively. So far 8587 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 966.00 on 17-Nov-2021 and a 52 week low of Rs. 527.60 on 08-Mar-2022.

Last one week high and low of the scrip stood at Rs. 654.30 and Rs. 623.00 respectively. The current market cap of the company is Rs. 9458.56 crore.

The promoters holding in the company stood at 51.84%, while Institutions and Non-Institutions held 32.65% and 15.52% respectively.

Quess Corp has received approval to divest 53% stake in its subsidiary — Simpliance Technologies. The enterprise value of 100% in Simpliance is agreed at Rs 120 crore (on a cash free, debt free basis and assuming normalized working capital levels). Quess currently holds 53% shares in Simpliance and will accordingly receive proportionate consideration.

The consideration to be paid to Quess will be subject to applicable taxes.

Quess Corp is one of India’s leading integrated business services providers focused on emerging as the preferred partner for handling end-to-end business functions of its clients.

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