Quess Corp Limited, India's largest business services company has received the approval of the Composite Scheme of Arrangement for the demerger from the Hon'ble National Company Law Tribunal (NCLT), Bangalore Bench, on the 4th of March leading to the creation of three public listed entities.
The company had announced the decision to demerge its diversified businesses into three different entities about a year ago in February 2024. With this approval, the demerger plan is taking place as per schedule and the company has been meticulously preparing for this event.
Following this, Quess Corp (Remaining Company) will continue to house India's largest workforce management company with a headcount of over 5 lakh and a footprint across 9 countries.
Digitide Solutions (Resulting Company-1), will offer a comprehensive suite of solutions including BPM Services, Insurtech and HRO. With operations across 30 countries and delivery centres in Manila and India, it is well-positioned to capitalize on emerging BPM opportunities across diverse sectors. Digitide will leverage AI-driven technology to enable businesses in transforming data into enterprise power, provide real-time insights, automation, and scalability.
Bluspring Enterprises (Resulting Company-2), will be an infra services company operating primarily in the areas of Facility Management, Food Services, Security Services, Industrial and Telecom Infrastructure Maintenance. Additionally, foundit - an AI driven white-collar job portal and candidate services platform, will be part of Bluspring Enterprises.
All three entities will have a greater strategic focus, with the ability to drive growth and enhance overall performance in the coming years. Upon demerger, all Quess Corp shareholders on the record date will receive one equity share in each of Resulting Company 1 and Resulting Company 2 for every equity share held in Quess Corp.
Commenting on the approval, Mr. Ajit Isaac, Chairman of Quess Corp Ltd., said: "The approval from the Hon'ble NCLT, Bengaluru Bench marks a major milestone in our journey to create three focused and independent listed entities. This move will improve operational efficiency, unlock shareholder value, and allow each entity to pursue its distinct growth strategy in an evolving business landscape."
The next steps include determining the Record date and completion of share allotment to eligible shareholders, the listing of Digitide Solutions Ltd. and Bluspring Enterprises Ltd. on the stock exchanges, establishment of independent governance structures and leadership teams for each entity.
Shares of Quess Corp Limited was last trading in BSE at Rs. 634.95 as compared to the previous close of Rs. 628.65. The total number of shares traded during the day was 16529 in over 1072 trades.
The stock hit an intraday high of Rs. 652.35 and intraday low of 629.05. The net turnover during the day was Rs. 10576488.00. |
