Amazon Invests Rs 51 Crore In Quess Corp Arm, Shares Jump

Shares of Bengaluru-based Quess Corp surged nearly 19 per cent on Friday, after the company said US-based Amazon.com's unit, Amazon.com NV Investment Holdings LLC, invested close to Rs 51 crore in Qdigi Services. On the Bombay Stock Exchange, the price of Quess Corp shares jumped to as much as Rs 521 apiece during Friday's session, marking an intraday gain of 18.40 per cent. On the National Stock Exchange, the Quess Corp share price rose 18.86 per cent to hit an intraday high of Rs 523, as against its previous close of Rs 440. Amazon.com NV Investment Holdings LLC is a category III foreign portfolio investor.

Quess Corp has allocated 7,54,437 equity shares of the company to Amazon.com NV Investment Holdings LLC at Rs 676 per share for an aggregate consideration of Rs 50,99,99,412, the Bengaluru-based staffing solution provider said in a regulatory filing.

After allotment of shares, Amazon.com will hold a 0.51 per cent stake in the company and as per the share subscription agreement (SSA), Amazon.com will not have any special rights, it added.

The proceeds from Amazon.com's investment will be utilised for towards the business of Qdigi Services, as agreed between Qdigi Services, Amazon.com and Quess Corp.

Qdigi Services is engaged in providing after sales services for mobile phones and consumer electronics and was earlier known as HCL Computing Products, part of HCL Infosystems.

In April last year, Quess Corp acquired a 100 per cent stake in HCL Computing Products and named it Qdigi Services.

At 1:07 pm, Quess Corp shares traded 13.83 per cent higher at Rs 500.85 on the NSE, outperforming the Nifty benchmark index which was up 0.2 per cent.