Shares of Quess Corp rose as much as 11 per cent during the trading session on Wednesday as the company promoters picked up a significant stake in the company by means of a reverse book-building process on the NSE portal. The company informed about the same through an exchange filing.
Fairbridge Capital Mauritius, one of the promoters of Quess Corp, purchased 66,00,000 (4.45 per cent) equity shares of the company on Wednesday, March 29, 2023 through the reverse book building process on NSE portal, the company said in the filing.
Heavy volumes on the exchanges suggest that the bulk deal was executed. More than one crore shares of Quess Corp, worth Rs 380.62 crore, were traded on the National Stock Exchange (NSE). Similarly, 1.01 lakh shares amounting to Rs 3.65 crore exchanged hands on BSE.
Following the acquisition by the promoter entity, shares of Quess Corp rallied about 11 per cent to Rs 381.20 on Wednesday, before trading at Rs 356.73 at 15.10 hours. The scrip had settled at Rs 343.75 in the previous trading session.
Quess Corp shares have plunged about 15 per cent in the year 2023 so far. The stock is down about 50 per cent in the last six months, whereas it is trading almost flat in the last one-month period.
Last year, Quess Corp had approved the withdrawal of the merger scheme with business process outsourcing firm Allsec Technologies. In its report released on February 5, 2023, domestic brokerage firm Motilal Oswal had a neutral rating on the stock with a target price of Rs 390.
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