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Quess Corp Rallies 13% as Company Announces Demerger into Three Independent Entities

19 Feb 2024 , 10:47 AM

Quess Corp, a leading workforce management solutions provider, witnessed a remarkable surge of 13% on the morning of February 19, following its announcement to split into three independent entities. This strategic move, aimed at unlocking shareholder value, marks a significant milestone for the Bengaluru-headquartered company.

The demerger proposal, approved at the company's board meeting on February 16, will result in the formation of three separate listed companies: Quess Corp, Digitide Solutions, and Bluspring Enterprises. Each entity will focus on distinct sectors to streamline operations and enhance business efficiency.

Under the demerger scheme, shareholders of Quess will receive one additional share in each of the new companies for every share they hold, providing them with diversified investment opportunities across multiple sectors.

Quess Corp will continue to specialize in workforce management, while Digitide Solutions will oversee business process management, Insurtech, and HR outsourcing. Bluspring Enterprises will focus on facility management, industrial services, and investments.

The demerger process is expected to take approximately 12-15 months to complete regulatory clearances, paving the way for the independent operation of the three entities.

Commenting on the development, Quess Corp stated, 'Overall, Quess has achieved scale in each platform, and they are strategically, operationally, and financially positioned to become independent companies with a focus on growing in their chosen area.'

The company further emphasized that the three entities are well-positioned to capitalize on India's growth trajectory as the country progresses towards a $5 trillion economy.

At 10:46 am, Quess Corp was trading 11% higher at ₹559 on the National Stock Exchange (NSE). The stock has demonstrated impressive performance, rallying 48% in the past year, outperforming the benchmark Nifty index, which rose by 23% during the same period.

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