Quess receives NCLT approval for Three-Way Demerger
Mumbai, 6th Mar ‘25: Quess
Corp Limited, India’s largest business services company has received the
approval of the Composite Scheme of Arrangement for the demerger from the
Hon’ble National Company Law Tribunal (NCLT), Bangalore Bench, on the 4th
of March leading to the creation of three public listed entities.
The company had announced the
decision to demerge its diversified businesses into three different entities
about a year ago in February 2024. With this approval, the demerger plan is
taking place as per schedule and the company has been meticulously preparing
for this event.
Following this, Quess Corp (Remaining Company) will
continue to house India’s largest workforce management company with a headcount
of over 5 lakh and a footprint across 9 countries.
Digitide
Solutions (Resulting company -1), will offer a comprehensive suite
of solutions including BPM Services, Insurtech and HRO. With operations across
30 countries and delivery centres in Manila and India, it is well-positioned to
capitalize on emerging BPM opportunities across diverse sectors. Digitide will
leverage AI-driven technology to enable businesses in transforming data into
enterprise power, provide real-time insights, automation, and scalability.
Bluspring
Enterprises (Resulting company -2), will be an infra services company
operating primarily in the areas of Facility Management, Food Services,
Security Services, Industrial and Telecom Infrastructure Maintenance. Additionally,
foundit - an AI driven white-collar job portal and candidate services platform,
will be part of Bluspring Enterprises.
All three entities will have a
greater strategic focus, with the ability to drive growth and enhance overall
performance in the coming years. Upon demerger, all Quess Corp shareholders on
the record date will receive one equity share in each of Resulting Company 1
and Resulting Company 2 for every equity share held in Quess Corp.
Commenting
on the approval, Mr. Ajit Isaac, Chairman of Quess Corp Ltd., said: "The approval
from the Hon’ble NCLT, Bengaluru Bench marks a major milestone in our journey
to create three focused and independent listed entities. This move will improve
operational efficiency, unlock shareholder value, and allow each entity to
pursue its distinct growth strategy in an evolving business landscape."
The next steps include determining the Record date and completion of share allotment to eligible shareholders, the listing of Digitide Solutions Ltd. and Bluspring Enterprises Ltd. on the stock exchanges, establishment of independent governance structures and leadership teams for each entity.
About Quess Corp
Established
in Bengaluru in 2007, Quess Corp Limited (BSE: 539978, NSE: QUESS) is India’s
leading business services provider - that leverages its extensive domain
knowledge and future-ready digital platforms to drive client productivity
through outsourced solutions.
Quess provides a host of managed outsourcing and
technology-enabled services across processes such as sales and marketing,
customer care, after-sales service, back office operations, staffing,
manufacturing, facilities & security management, HR & F&A
operations, IT & mobility services etc. Quess has a team of over 616,000 employees, serving 3000+ clients across India, North America, APAC and the Middle East as
on Dec 31st, 2024.
Quess Corp announced a three-way demerger of its diversified businesses, ultimately resulting in three separate listed companies, namely Quess Corp Ltd., Digitide Solutions Ltd., and Bluspring Enterprises Ltd., post demerger.
For further details on Quess
Corp Ltd., please visit: http://www.quesscorp.com