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Quess Corp Ltd to make further investment in Conneqt Business Solutions Limited

Posted On: 2019-04-17 22:30:24

The Board of Directors of Quess Corp Ltd, at its meeting held today i.e., April 17, 2019, considered and approved additional investment in Conneqt Business Solutions Limited (CBSL) of:

(a) INR 193.10 Crores by way of subscription to equity shares to be issued and allotted by CBSL (the "Equity Subscription"); and

(b) Not exceeding INR 210 Crores by way of subscription to compulsorily convertible debentures ("CCDs") to be issued and allotted by CBSL (together with the Equity Subscription, the "Proposed Transaction").

Pursuant to the Equity Subscription, the total shareholding of Quess in CBSL will increase from 51% to 70%. The foregoing shareholding of Quess in CBSL may further increase on conversion of the CCDs.

CBSL is a subsidiary of Quess Corp Limited (Quess) and is engaged in the business of Business Process Outsourcing Services including Contact Center Services. It also provides back office solutions for application processing, operations and banking, collection, legal remedial, finance and accounting services. These services cater to the customers in telecommunications, entertainment media, automobile, manufacturing, retail, banking, financial services and insurance (BFSI sector).

CBSL has 110+ clients from Telecom & Media, Retail, Manufacturing and BFSI industries across India, North America & Europe, 9 centers committed to Affirmative Action and rural centers, 4 data centers for BCP [Business Continuity Plan]; certified on ISO 9001, ISO 27001 & ITIL compliant, 36 multilingual services in 24 Indian and 12 global languages, 29 delivery centers across 400+ locations and 30,000+ Associates. The Revenue from operations of CBSL as on March 31, 2018 is INR 739.3 Crores.

CBSL fills a strategic gap in Quess' offerings related to Customer Life Cycle Management ("CLM") and Business Process Management ("BPM") space. The additional acquisition will provide significant cross selling opportunity for Quess across its technology, people and service business.

CBSL's digital led Omni channel, CRM [Customer Relationship Management] and social media solutions provide a compelling value proposition to clients to seamlessly manage customer experience across diverse platforms. This is an EPS accretive transaction. This is also an all cash deal with no dilution to share capital of Quess.

Shares of Quess Corp Ltd was last trading in BSE at Rs.720.5 as compared to the previous close of Rs. 723. The total number of shares traded during the day was 1227 in over 106 trades.

The stock hit an intraday high of Rs. 729.25 and intraday low of 718. The net turnover during the day was Rs. 890974.

Source: Equity Bulls

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