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Quess Corporation Shares Surge 19% as Amazon Invests Rs 51 Crore in its Subsidiary

Quess Corp said its board has approved the preferential issue of 754,000 equity shares to Amazon for an aggregate amount of Rs 50.99 crore at an issue price of Rs 676 per share.

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Updated:July 12, 2019, 2:21 PM IST
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Quess Corporation Shares Surge 19% as Amazon Invests Rs 51 Crore in its Subsidiary
Image for representation. (Reuters)

Quess Corp. shares zoomed nearly 19% in intraday trade on Friday, i.e. 12 July, on news that e-commerce giant Amazon has invested Rs 51 crore in the company’s subsidiary QDigi, an after-sales support company for electronic products.

Quess Corp said its board has approved the preferential issue of 754,000 equity shares to Amazon for an aggregate amount of Rs 50.99 crore at an issue price of Rs 676 per share.

“The board has approved issue of 7,54,437 equity shares of the company having a face value of Rs 10 per equity share to Amazon.com NV Investment Holdings LLC, a category Ill Foreign Portfolio Investor, for an aggregate amount of Rs 50.99 crore at an issue price of Rs 676 by way of a preferential allotment 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 company informed the exchanges.

Quess Corp. will now hold an extraordinary general meeting (EGM) on 8 August 2019 for seeking approval of the members for the preferential issue.

Quess Corp is a provider of technological and business services and forayed into smart city projects in FY18. Thomas Cook India owns 49% in the Bangalore-based company. Quess Corp had raised Rs 400 crore through initial public offering (IPO) in July 2016 by issuing shares at price of Rs 317 apiece.

In the March quarter, Quess Corp reported flat net profit of Rs 76 crore over the year-ago quarter, while Ebitda (earnings before interest, tax, depreciation and amortization) margins contracted 4 basis points to 5.74%.

At 1:28 pm, shares of Quess Corp. were trading at Rs 492.60, up 11.95%, on BSE.

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