Quess Corp increases stake in Conneqt Business Solutions Limited from 70.00% to 100.00%

The Administration and Investment Committee of Quess Corp Limited ("Quess") has approved the acquisition of 30% equity shares in Conneqt Business Solutions Limited ("Company" or "Conneqt") in lieu of Rs 208 Crore from Tata Sons Private Limited, in accordance with the Shareholders Agreement dated 20th November, 2017 and other applicable agreements.

By virtue of this transaction, Conneqt becomes a wholly owned subsidiary of Quess.

Conneqt is India's leading domestic CLM and BPM player with 21+ Delivery centers in India, and 29,000+ employees as on 31st Dec 2021. Its turnover stood at Rs 976 Crores in FY 2019-20.

This Investment will provide Quess full and complete ownership over Conneqt, allowing it to better realize synergies between its various divisions, Conneqt and Allsec. It will strengthen Quess' position to accelerate growth in the IT/ITES space.

Shares of Quess Corp Ltd was last trading in BSE at Rs.582.3 as compared to the previous close of Rs. 593.7. The total number of shares traded during the day was 11621 in over 1270 trades.

The stock hit an intraday high of Rs. 601.15 and intraday low of 575. The net turnover during the day was Rs. 6861968.

Source : Equity Bulls

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