Quess Corp rises 3% on acquisition of HCL Computing, Monster India

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Shares of Quess Corp added 3.8 percent intraday Thursday as the company has acquired 100 percent in HCL Computing Products and Monster India.

The administrative committee of the company at its meeting held on January 31 considered and approved the acquisition of 100 percent equity stake in HCL Computing Products for Rs 30 crore.

HCL Computing Products is a subsidiary of HCL Infosystems, and said acquisition will be completed on or before March 31, 2018.

The company also signed definitive agreements to acquire 100 percent equity in Monster (India) and Quesscorp Holdings Pte Ltd., a subsidiary of Quess Corp, has signed definitive agreements to acquire 100 percent equity in Monster.com SG Pte Ltd., 100 percent equity in Monster HK Limited and 49 percent equity in Monster Malaysia Sdn Bhd.

The company will complete the acquition on or before March 31, 2018 and enterprise value of the said acquisition is of up to USD 14 million for Monster entities.

On January 31, 2018 Ramdas Madhava Pai sold 18,63,008 shares of Quess Corp at Rs 950.05 and Vasanthi Ramdas Pai sold 31,58,504 shares at Rs 950.44 on the NSE.

However, Sundaram Mutual Fund Sundaram Select Midcap bought 15,35,381 shares of the company at Rs 950.

At 09:45 hrs Quess Corp was quoting at Rs 1,014, up Rs 28.50, or 2.89 percent on the BSE.

Posted by Rakesh Patil