Quess Corp shares up 11 pc on reverse book building process

Shares of Quess Corp went up as much as 11 per cent during the trading session on Wednesday as company promoters picked up a significant stake in the company through a reverse book-building process on the NSE portal. The exchange filing gave the company more information about the matter.

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 the NSE portal.

The bulk deal was executed, as evidenced by the heavy volumes on the exchanges. More than one crore shares of Quess Corp, worth Rs 380.62 crore, were traded on the National Stock Exchange NSE. The 1.01 lakh shares amount to Rs 3.65 crore exchanged hands on the BSE.

After being acquired by the promoter entity, the 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 previous trading session had settled at Rs 343.75.

The shares of Quess Corp have plunged 15 per cent in the year 2023 so far. The stock has fallen by 50 per cent in the last six months compared to a year ago when it was trading almost flat.

The merger with business process outsourcing firm Allsec Technologies was approved by Quess Corp last year. Domestic brokerage firm Motilal Oswal has a neutral rating on the stock, with a target price of Rs 390, according to a report released on February 5, 2023.