Quess Corp falls 8% as share sales by promoters begin; Thomas Cook up 5%

Quess Corp has dipped 8% to Rs 840 on the BSE in early morning trade after the promoters fixed floor price at Rs 800 per share for offer for sale.

Quess Corp dipped 8% to Rs 840 on the BSE in early morning trade after the promoters share sales through offer for sale (OFS) began from today.

The floor price has been fixed at Rs 800 and the share sale will be held on Thursday and Friday. The floor price is 12.4% discount against Wednesday’s closing of Rs 913 on the BSE.

Thomas Cook India and Ajit Isaac, promoters of integrated business service provider Quess Corp, will raise around Rs 680 crore through OFS to meet regulatory requirement on promoter shareholding in the company. It will use the proceeds to retire its long-term debt.

Thomas Cook India and Ajit Isaac have put on sale 7.5 million and one million shares, respectively. The aggregate 8.5 million shares representing 6.14% of the total paid up share capital of the Quess Corp.

Currently, the promoters hold 81.52% and stock market regulator mandates owner shareholding to be 75% or below. After the share sale, promoter shareholding in the company will reduce to 75.38%.

At 09:18 AM; the stock was trading 6% lower at Rs 858 on the BSE, as compared to 0.01% decline in the S&P BSE Sensex. A combined 160,653 shares changed hands on the counter on the BSE and NSE so far.

Thomas Cook India, on the other hand, was up 5% at Rs 242 after hitting high of Rs 243 in intra-day trade.