Shares of Quess Corp rose up to 18.37% to Rs 521, their one-week high after the business services provider announced it would issue 7.54 lakh shares to investor Amazon.com NV Investment Holdings for an aggregate amount of Rs 51 crore.
Quess Corp stock opened almost 5 points higher at Rs 445 compared to its last close of 440.15. Later the stock made a fresh day's high of Rs 521, rising 18.37%.
The stock price of Quess Corp has fallen almost 55% in one year and over 30% in one month. However, it has risen by 9% in the last week.
In a BSE filing, it mentioned that the company's board has approved the issue of shares worth Rs 51 crore to investor Amazon.com NV Investment Holdings LLC on preferential allotment basis in a meeting held today.
As per the regulatory filing, the company has entered into the Share Subscription Agreement (SSA) for the proposed issue of equity shares at Rs 676 per share price. "Post allotment, the investor Amazon.com NV Investment Holdings LLC will hold 0.51% stake in the firm," the filing added.
The firm has called an extraordinary general meeting on August 8, 2019 for seeking approval of the members for issue of equity shares by preferential route.
Headquartered in Bengaluru, Quess Corp has a pan-India presence with 65 offices along with overseas footprint in 10 countries, serving over 2,000 customers across 5 end-to-end business functions namely Industrials, Facility Management, People Services, Technology Solutions and Internet Business.
Share price of Quess Corp Ltd currently trades higher by 62.20 points or 14.13% at Rs 502.35 on BSE and at Rs 501 on NSE. A total of 2.02 lakh shares and 33.75 lakh shares changed hands on BSE and NSE, both above the 5, 10 and 30-day average volume traded.
Edited by Rupa Burman Roy