Quess Corp said its board of directors considered and approved disinvestment of 100% of equity investment held by the company in its wholly owned subsidiary i.e. Dependo Logistics Solutions for a combined all-cash consideration of Rs 10 crore.
Shares of Quess Corp are trading 1.21% higher at Rs 381 on BSE. The transaction is expected to be completed on or before 20 August 2020. The disclosure was made after market hours yesterday, 17 August 2020.
The buying entity, Bubble Motion Research and Development India belongs to the Altruist Group. The buyer does not belong to the promoter/promoter group.
Quess Corp's consolidated net profit dropped 37.69% to Rs 33.77 crore on 0.59% rise in net sales to Rs 2,409.43 crore in Q1 June 2020 over Q1 June 2019.
Quess Corp is India's leading business services provider. It offers a host of services to help organizations manage their non-core activities in the areas of workforce management, operating asset management, and global technology solutions across industries and geographies.
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