Business services provider Quess Corp said on Friday that its board has approved allotment of company's preferential equity shares to Amazon.com NV Investment Holdings LLC for Rs 50.99 crore.
The company's board approved the issue of 7.54 lakh equity shares of face value Rs 10 of Quess Corp by way of a preferential issue to Amazon.com NV Investment Holdings LLC for Rs 50.99 crore at an issue price of Rs 676 per share.
Amazon.com NV is a category III foreign portfolio investor. The allotment is subject to regulatory and shareholders' approval, Quess Corp said in a statement.
The proposed investment is in line with the investment agreement between Amazon.com NV and Qdigi Services Limited, a wholly-owned subsidiary of Quess Corp. The proceeds will be invested in the subsidiary's business.
Qdigi engages in after-sales services of consumer products including mobile phones and electronics for brands like Xiaomi and OnePlus. The company has more than 80 centres and 200 authorised service providers across India.
Quess Corp serves over 2,000 clients worldwide and has a market cap of Rs 10,909 crore. It is a step-down subsidiary of Fairfax Financial Holdings Group held through its Indian listed subsidiary Thomas Cook India Limited.
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