Quess Corp announces demerger into three firms
- Once the demerger is complete, shareholders will receive an additional share of each of the new companies for every share they hold in Quess Corp Ltd.
Recruitment firm Quess Corp has said it will be demerged into three listed entities – Quess Corp Ltd, Digitide Solutions Ltd, and Bluspring Enterprises Ltd.
The new Quess Corp Ltd handle workforce management, Digitide Solutions Ltd will provide business process management solutions and insurtech, and Bluspring Enterprises Ltd will offer facility management, industrial services and investments.
“The board of directors of Quess Corp Limited, in their meeting held today, approved a composite scheme of arrangement providing for the demerger of Quess Corp into three independent entities,” Quess Corp, one of the largest recruitment firms in India, said in a statement on Friday.
The demerger is expected to attract investment, improve capital allocation and boost growth. Once it is complete, all shareholders will receive an additional share of each of the new companies for every share they hold in Quess Corp Ltd. The process is expected to take 12-15 months, and depends on regulatory approval.
“It helps the management to focus, develop capital allocation plans relevant to each business, and create value for our shareholders,” said Ajit Isaac, chairman of Quess Corp. “The decentralised structure at Quess has enabled a pathway for the three demerged entities to continue a culture of entrepreneurship, an employee-friendly workplace with customer-centricity being at the core of our purpose,” he added.
Quess Corp helps its clients to hire and deploy staff, manage performance and outcomes, and measure and upskill employees. It currently has a workforce of 440,000, with 6,000 in the tech sector and a similar number working outside India.
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