Shares of Quess Corp rallied 6 percent intraday on September 9 after the fair trade regulator Competition Commission of India (CCI) cleared the acquisition of equity share capital of the company by Amazon.com NV Investment Holding LLC.
The technology and business services provider, in a regulatory filing on July 12, had said its board had approved the issuance of more than 7.54 lakh equity shares to Amazon.com NV Investment Holdings LLC for Rs 51 crore at an issue price of Rs 676 apiece by way of a preferential allotment.
The investment would be going to Quess Corp’s wholly-owned subsidiary Qdigi Services Ltd, it said.
In a tweet on September 9, CCI said it “approves acquisition of 0.51 percent of the equity share capital of Quess Corp Limited by Amazon.com NV Investment Holding LLC”.
“The proposed transaction involves the acquisition of a minority non-controlling investment by the acquirer, undertaken solely as an investment in the ordinary course of its business,” according to a combination notice filed with the CCI.
Amazon.com NV Investment Holding LLC is an “investment holding company which is globally engaged in the business of making investments and is also registered as a foreign portfolio investor in India,” the notice said.
The stock was quoting at Rs 466.00, up Rs 13.60, or 3.01 percent, on the BSE at 1330 hours.
News Source: Moneycontrol