News Analysis

Quess Corp gets nod to raise around Rs 51 crore via preferential allotment

Updated on 12 July 2019 11:04 AM

Quess Corp has received an approval for issue of 7,54,437 equity shares of the company having a face value of Rs 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 at an issue price of Rs 676 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. The Board of the company in its meeting held on July 12, 2019, approved the same.

In relation to the proposed investment by the Investor in the Company, the Board has also approved the execution by the Company of the Share Subscription Agreement (SSA) with the Investor for the proposed Issue of Equity Shares to the Investor on a preferential basis and the investment agreement (Investment Agreement) with the Investor and Qdigi Services, 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.

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.