Quess Corp to split into 3 listed entities
BENGALURU, INDIA — Staffing and managed outsourcing provider Quess Corp is set to split into three independent entities with respective functions.
The demerger proposal, approved by the board of directors, will split Quess Corp into three:
- Quess Corp Ltd., will remain in workforce management
- Digitide Solutions Ltd., will handle business process management, insurtech and human resource outsourcing businesses
- Bluspirng Enterprises Ltd., will work in facility management, industrial services and investments
The demerger process will take 12 to 15 months to clear regulatory policies. Once cleared, all shareholders will receive one additional share for each of the new companies for every share held in Quess Corp.
Quess Chairman Ajit Isaac noted that the demerger aims to deliver value to its shareholders.
“We believe that the heavy lifting to create these entities has been done and it is now time to unlock value through this demerger,” he said.
Quess Corp’s stock surged by 16.07% to Rs 582 apiece on the National Stock Exchange of India (NSE) after the announcement of the demerger. This marks its highest spike since June. 11, 2021.
Founded in 2007, Quess Corp employs over 550,000 employees across nine countries. Its service offerings to over 3,000 clients include sales & marketing, customer care, after-sales service, back office operations, telecom operations, manufacturing operations, facilities and security management, HR & F&A operations, IT and mobility services.
