Quess Corp announced that it will be acquiring Vedang Cellular Services Private Limited.
As per the filing with BSE, the company has signed a definitive agreement to acquire 70% stake in equity in Vedang Cellular Services. The investment is valued at Rs 40 Cr.
Vedang is in the business of Telecom Network Optimization and Installation of Active Components in the Telecom Network. The company has over 1,500 professionals and reported a revenue of Rs 78 Cr in FY-17.
The acquisition is expected to be completed in cash, on or before November 30, 2017.
Quess Corp Ltd is currently trading at Rs 883.85, up by Rs 39.25 or 4.65% from its previous closing of Rs 844.6 on the BSE.
The scrip opened at Rs 886.05 and has touched a high and low of Rs 926 and Rs 878 respectively.