The National Company Law Tribunal, Bangalore bench approved Quess Corp Limited India’s largest business services company of the Composite Scheme of Arrangement for the demerger on the March 4 leading to the creation of three public listed entities.
Following this, Quess Corp will continue to house India’s largest workforce management company with a headcount of over 5 lakh and a footprint across 9 countries along with 2 new demerged companies.
ALSO READL&T’s period leave policy: ‘Huge win for gender parity at work’ – Netizens applaud chairman SN Subrahmanyan
Quess Corp demerger: What are the new demerged entities?
As per the details shared by Quess, the entity is diversified into Digitide Solutions (Resulting company -1) and Bluspring Enterprises (Resulting company -2).
While Digitide Solutions will offer a comprehensive suite of solutions including BPM Services, Insurtech and HRO, Bluespring Enterprises will be an infra services company operating primarily in the areas of Facility Management, Food Services, Security Services, Industrial and Telecom Infrastructure Maintenance. Additionally, foundit – an AI driven white-collar job portal and candidate services platform, will be part of Bluspring Enterprises.
Digitide Solutions operates across 30 countries and has delivery centres in Manila and India, it is well-positioned to capitalize on emerging BPM opportunities across diverse sectors. In addition to this, Digitide will leverage AI-driven technology to enable businesses in transforming data into enterprise power, providing real-time insights, automation, and scalability.
How will existing shareholders benefit
Further the demerger will not let down its shareholders. According to the details shared by Quess Corp, the shareholders on the record date will receive one equity share each in Digitide Solutions and BlueSpring Enterprises for every equity share held in Quess Corp.
When was demerger decided?
In February 2024, Quess Corp had announced the decision to demerge its diversified businesses into three different entities. The company has said that they were preparing meticulously for this event and the demerger plan is taking place as per schedule. Ajit Isaac, Chairman of Quess Corp Ltd, said, “The approval from the NCLT, Bangalore bench marks a major milestone in our journey to create three focused and independent listed entities. This move will improve operational efficiency, unlock shareholder value, and allow each entity to pursue its distinct growth strategy in an evolving business landscape.”
» Read More
