Quess Corp shares experienced a significant surge of nearly 12% following the company’s announcement of a demerger into three separate entities.
The Board of Directors of Quess Corp has approved a composite scheme of arrangement for the demerger, resulting in the formation of three independent entities – Quess Corp: Workforce Management (Remaining Company), Digitide Solutions Ltd: BPM solutions, Insurtech, and HRO business, and Bluspring Enterprises Ltd: Facility Management, Industrial Services, and Investments.
Upon the effectiveness of the scheme, shareholders will receive one additional share for each of the new companies, for every share held in Quess Corp Ltd. This demerger process is expected to take between 12-15 months to achieve regulatory clearances.
Quess Corp, one of the largest recruitment firms in India, stated, “The board of directors of Quess Corp Limited, in their meeting held today, approved a composite scheme of arrangement providing for the demerger of Quess Corp into three independent entities.”
The demerger is anticipated to attract investments, enhance capital allocation, and stimulate growth. Once completed, shareholders will benefit from an additional share of each new company for every share held in Quess Corp Ltd. The process’s timeline is contingent on regulatory approvals and is expected to span 12-15 months.
