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Quess Corp Ltd and its subsidiary announce open offer for 26% in Allsec Technologies Ltd at Rs. 320

Posted On: 2019-04-18 08:46:18

Axis Capital Limited, the manager to the Offer (the "Manager"), for and on behalf of Conneqt Business Solutions Limited ("Acquirer") along with Quess Corp Limited ("PAC") in its capacity as a person acting in concert with the Acquirer, to the Public Shareholders of Allsec Technologies Ltd (Allsec) to acquire up to 39,61,965 (Thirty Nine Lakh, Sixty One Thousand, Nine Hundred Sixty Five only) Equity Shares, representing 26% (Twenty Six per cent) of the Voting Share Capital at a price of INR 320 (Indian Rupees Three Hundred Twenty only) per Equity Share ("Offer Price").

The open offer has been triggered due to the agreements entered into by the acquirer and PAC with promoters and First Carlyle to acquire their shares in Allsec.

The Acquirer has entered into a share purchase agreement dated April 17, 2019 with Mr. Ramamoorthy Jagadish and Mr. Adiseshan Saravanan to acquire 53,87,155 (Fifty Three Lakh, Eighty Seven Thousand, One Hundred Fifty Five only) Equity Shares, representing 35.35% (Thirty Five point Three Five per cent) of the Voting Share Capital ("SPA 1"). The shares will be acquired at a price of Rs. 320 (Indian Rupees Three Hundred Twenty only) for each Equity Share aggregating to INR 172,38,89,600 (Indian Rupees One Hundred Seventy Two Crore, Thirty Eight Lakh, Eighty Nine Thousand, Six Hundred only).

Out of the above, Mr. Ramamoorthy Jagadish will sell 2655994 equity shares out of his holding of 30,36,952 equity shares or 19.93% in the company. Post this transaction, he will hold 3,80,958 equity shares or 2.5% stake in the company.

Mr. Adiseshan Saravanan will sell 2731161 equity shares of his holding of 31,12,119 equity shares or 20.42% in the company. Post this transaction, he will hold 3,80,958 equity shares or 2.5% stake in the company.

The Acquirer has entered into a share purchase agreement dated April 17, 2019 with First Carlyle Ventures Mauritius to acquire 39,61,940 (Thirty Nine Lakh, Sixty One Thousand, Nine Hundred Forty only) Equity Shares, representing 26% Twenty Six per cent) of the Voting Share Capital ("SPA 2"). The shares will be acquired at a price of Rs. 250 (Indian Rupees Two Hundred Fifty only) for each Equity Share aggregating to INR 99,04,85,000 (Indian Rupees Ninety Nine Crore, Four Lakh, Eighty Five Thousand only)

First Carlyle Ventures Mauritius will sell 3961940 equity shares of Allsec, out of its holding of 47,02,858 equity shares or 30.86%. Post this transaction, it will hold 7,40,918 equity shares or 4.86% stake in the company.

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.

Shares of ALLSEC TECHNOLOGIES LTD. was last trading in BSE at Rs.300.5 as compared to the previous close of Rs. 298.1. The total number of shares traded during the day was 1705 in over 19 trades.

The stock hit an intraday high of Rs. 302 and intraday low of 300. The net turnover during the day was Rs. 512500.


Source: Equity Bulls

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