The company, via a regulatory filing on June 9, had announced the listing date of its subsidiaries, following regulatory approval from the BSE and the National Stock Exchange.
The listing is a direct result of Quess Corp’s move to split its business into three independent entities, Quess Corp, Digitide Solutions, and Bluspring Enterprises, each focused on a distinct vertical. Shares of two Qess Corp subsidiaries — Digitide Solutions and Bluspring Enterprises — are slated to debut on the stock exchanges today.
Quess Corp had previously informed that it will retain its core workforce management services, while Digitide will handle business process management, insurtech, and HR outsourcing, and Bluspring will manage facility management, industrial services, and investment operations.
According to the demerger plan, shareholders of Quess Corp received one additional share in each of the two new companies, Digitide and Bluspring, for every share held in Quess.
The proposal, approved earlier at the company’s board meeting, was aimed at enabling each entity to operate independently with a sharper strategic focus.Also read: Why did equity mutual fund inflows drop by 22% in May?
Quess Chairman Ajit Isaac had earlier stated that the restructuring would allow each unit to craft more targeted capital allocation strategies and enhance shareholder value.
“The decentralised structure at Quess has enabled a pathway for the three demerged entities to continue a culture of entrepreneurship, an employee-friendly workplace with customer centricity at the core,” he said.
Prem Watsa, chairman of Fairfax Financial Holdings and Quess Corp’s largest shareholder, had also expressed confidence in the newly listed entities, noting that each would be a market-leading player well-positioned to tap into emerging opportunities within their respective domains.
About Quess Corp
Quess Corp is India’s leading business services provider, leveraging its extensive domain knowledge and future-ready digital platforms to drive client productivity through outsourced solutions.
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Quess Corp share price history
Over the past year, Quess Corp shares have gained 2.94%, despite experiencing notable weakness in recent months. On a year-to-date (YTD) basis, it is down 5.98%, while the six-month decline stands at 10.01%. In the past three months, the stock has remained relatively flat with a marginal loss of 0.15%, and over the last one month, it has fallen by 2.83%.
On Tuesday, Quess Corp shares closed 1.6% higher at Rs 319.90 on the BSE.
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