Quess Corp at new high

A major demerger plan has put Quess Corp into the limelight today morning; from its close of Rs.500.90, the stock opened directly at a new 52-week high at Rs.580, up almost 16%. Volumes were up more than 8x.

The company announced that it will be split into three verticals -  Quess Corp – will continue with its business of workforce management; Digitide Solutions – will hold business process management, insurtech and human resource outsourcing businesses while the third, Bluspring Enterprises will work in facility management, industrial services and investments.

Shareholders of Quess will get one additional share of each of the two new companies for every share held in Quess.

This demerger is expected to be completed in 12-15 months and the objective was to unlock value, helping the management focus and develop capital allocation plans relevant to each business.