Quess Corp hits 52-week high on demerger announcement

Shares of Quess Corp rose more than 16% today after the company’s board approved spinning off its business operations into three independent entities to unlock value.

The company will demerge into three entities: Quess Corp Ltd., Digitide Solutions Ltd, and Bluspring Enterprises Ltd.

Once the demerger is effective, all shareholders will receive one additional share for each of the new companies for every share held in Quess Corp.

The demerger process is expected to take between 12 and 15 months to achieve regulatory clearances as per exchange filing by the company.

As per merger details, Quess Corp will remain in workforce management. Digitide Solutions will hold the business process management, insurtech and human resource outsourcing businesses. Bluspring Enterprises will work in facility management, industrial services and investments.