Quess Corp zooms 14% on preferential issue approval worth Rs 51 cr to Amazon.com

The Board has approved the issue of 7,54,437 equity shares of the Company having a face value of Rs 10 per such equity share to Amazon.com NV Investment Holdings LLC.

Shares of business service provider Quess Corp zoomed over 14 percent intraday on July 12 after the company said its board approved the preferential issue of 7.54 lakh equity shares to Amazon.com NV Investment Holdings LLC.


The company will hold an extraordinary general meeting (EGM) on 8 August 2019 for seeking approval of the members for the aforementioned preferential issue.

"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's consolidated net profit declined marginally to Rs 75.50 crore in the March 2019 quarter. The company had posted a net profit of Rs 75.75 crore in the January-March 2018 quarter, Quess said in a statement. Its revenue from operations grew 21.3 percent to Rs 2,294.77 crore in Q1 from Rs 1,890.75 crore in the fourth quarter of 2017-18, it added.

At 13:00 hrs Quess Corp was quoting at Rs 502.45, up to Rs 62.30, or 14.15 percent. It has touched an intraday high of Rs 521.00 and an intraday low of Rs 442.80.

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