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Quess Corp Ltd to allot 7,54,437 shares to Amazon.com NV Investment Holdings LLC

Posted On: 2019-07-12 10:56:42

The Board of directors of Quess Corp Ltd in its meeting held today, has approved issue of 7,54,437 (Seven Lakhs Fifty Four Thousand Four Hundred and Thirty Seven) equity shares of the Company having a face value of INR 10/- per such equity share ("Equity Shares") to Amazon.com NV Investment Holdings LLC, a category III Foreign Portfolio Investor ("Investor"), for an aggregate amount of Rs. 50,99,99,412 (Rupees Fifty Crores Ninety Nine Lakhs Ninety Nine Thousand Four Hundred and Twelve only) at an issue price of INR 676 (Indian Rupees Six Hundred and Seventy Six) by way of a preferential allotment ("Issue") in accordance with applicable law, and subject to such regulatory / statutory approval as may be required, including approval of the shareholders of the Company.

In relation to the proposed investment by the Investor in the Company, the Board has today approved the execution by the Company of (i) the Share Subscription Agreement ("SSA") with the Investor for the proposed Issue of Equity Shares to the Investor on a preferential basis and (ii) the investment agreement ("Investment Agreement") with the Investor and Qdigi Services Limited, a wholly owned subsidiary of the Company ("Subsidiary"), in relation to the utilization of the proceeds of the investment towards, and certain rights of the Investor relating to, the business of the Subsidiary.

An Extraordinary General Meeting ("EGM") of the Company will be held on 8th August, 2019 for seeking approval of the Members, for the aforementioned issue.

Shares of Quess Corp Ltd was last trading in BSE at Rs.440.15 as compared to the previous close of Rs. 429.25. The total number of shares traded during the day was 26998 in over 1984 trades.

The stock hit an intraday high of Rs. 448 and intraday low of 428.6. The net turnover during the day was Rs. 11890915.


Source: Equity Bulls

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