Quess Corp has allocated 7,54,437 equity shares to Amazon.com
Amazon Invests Rs. 50 Crore In Quess Corp Arm, Shares Jump. Quess Corp has allocated 7,54,437 equity shares of the company to Amazon.com NV Investment Holdings LLC at Rs. 676 per share.
Quess Corp shares rose as much as 18.40 per cent on the BSE to intraday high of Rs. 521 after the company informed exchanges that Amazon.com’s unit Amazon.com NV Investment Holdings LLC, a category III foreign portfolio investor, has invested around Rs. 51 crores in the company’s subsidiary Qdigi Services Limited.
On the NSE, Quess Corp shares climbed as much as 18.86 per cent to intraday high of Rs. 523 from its previous close of Rs. 440.
After allotment of shares, Amazon.com will hold 0.51 per cent stake in the company, and as per the share subscription agreement (SSA), Amazon.com will not have any special rights.
The proceeds from Amazon.com’s investment will be utilized for towards the business of Qdigi Services, as agreed between Qdigi Services, Amazon.com and Quess Corp. Qdigi Services is engaged in providing after-sales services for mobile phones and consumer electronics and was earlier known as HCL Computing Products, part of HCL Infosystems.