Quess Corp tumbles as OFS begins

Quess Corp fell 7.31% to Rs 846.50 at 11:51 IST on BSE as the promoters share sale through offer for sale began today, 23 November 2017.

Meanwhile, the S&P BSE Sensex was up 75.21 points, or 0.22% to 33,636.76.

On the BSE, 89,000 shares were traded in the counter so far, compared with average daily volumes of 8,506 shares in the past one quarter. The stock had hit a high of Rs 867 and a low of Rs 839.80 so far during the day. The stock hit a record high of Rs 1,068 on 8 June 2017. The stock hit a 52-week low of Rs 586.05 on 23 November 2016.

The stock had outperformed the market over the past 30 days till 22 November 2017, rising 9.26% compared with 2.93% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 10.88% as against Sensex's 6.22% rise. The scrip had also outperformed the market in past one year, rising 51.87% as against Sensex's 28.83% rise.

The large-cap company has equity capital of Rs 138.33 crore. Face value per share is Rs 10.

Thomas Cook (India) and Ajit Abraham Isaac (AAI), promoters of Quess Corp, are offering a total of 85 lakh shares (6.14% stake) in Quess Corp via a two-day offer for sale (OFS) of equity shares on the stock exchanges. The OFS began today, 23 November 2017 (for non-retail investors only) and ends tomorrow, 24 November 2017 (for retail investors and for non-retail investors who choose to carry forward their bids). The floor price of the OFS is Rs 800 per share.

Thomas Cook (India) is selling 75 lakh shares (5.42% stake) and AAI is selling 10 lakh shares (0.72% stake) in Quess Corp via OFS. As on 30 September 2017, Ajit Abraham Isaac held 1.85 crore shares (13.43% stake) while Thomas Cook (India) held 7.88 crore shares (56.98% stake). Currently, the total promoter holding in Quess Corp is 81.52% and stock market regulator mandates owner shareholding to be around 75%. Post OFS, the total promoter shareholding in Quess Corp will reduce to 75.38%.

On the first day of the bidding for OFS today, 23 November 2017, as at 11:35 IST, bids were received for 7.83 lakh shares from the non-retail investors, representing a subscription of 10.24%.

On a consolidated basis, net profit of Quess Corp rose 366.77% to Rs 140.59 crore on 25.18% rise in net sales to Rs 1273.95 crore in Q2 September 2017 over Q2 September 2016.

Quess Corp is an integrated business services provider. It serves over 1700+ customers across 4 segments namely, global technology solutions, people & services, integrated facility management and industrials.

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