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Quess Corp owners to raise Rs 680 cr through share sale

Sale to be held on Thursday and Friday; floor price fixed at Rs 800

Aneesh Phadnis 

Thomas Cook
Promoters Thomas Cook India and Ajit Isaac have put on sale 7.5 million and one million shares, respectively.

India and Ajit Isaac, promoters of integrated business service provider Quess Corporation, will raise around Rs 680 crore through an offer for sale to meet regulatory requirement on promoter in the company. The floor price has been fixed at Rs 800 and the will be held on Thursday and Friday. India and have put on sale 7.5 million and one million shares, respectively. Currently, the promoters hold 81.5 per cent and stock market regulator mandates owner to be 75 per cent or below. After the share sale, promoter in the company will reduce to 75.38 per cent.

Thomas Cook, which owns 56.98 per cent stake, will raise Rs 600 crore through sale. It will use the proceeds to retire its long-term debt. “At the group we are committed to holding a controlling stake in our subsidiary Our proposed dilution of a portion of our stake is hence intended to comply with Sebi regulations. Our aim is to retire long-term debt and improve profitability, simultaneously increase our cash reserves, enabling us to leverage opportune investments as and when they arise,” said India Chairman

First Published: Thu, November 23 2017. 02:14 IST