Quess Corp shares rise 7% after demerger update; check record date, split ratio & more

Shares of Quess Corp surged over 7 per cent during the trading session on Wednesday after the company announced to fix the record date for its demerger, which is set to create three listed entities. It has also announced appointment of the new Board and leadership teams for Digitide Solutions and Bluspring Enterprises, the companies emerging from the demerger process.

Quess Corp has fixed April 15, 2025 as the record date to determine the eligibility of the shareholders for the, who will be entitled to receive fully paid-up equity shares of Rs 10/- each of the Digitide Solutions (resulting company 1) and Bluspring Enterprises (resulting company 2), said the company in an exchange filing.

Following the announcement, shares of Quess surged about 7.25 per cent to Rs 707.50 on Wednesday, with total market capitalization surging above Rs 10,500 crore mark. The stock had settled at Rs 659.80 in the previous trading session. The stock is still 20 per cent below its 52-week high at Rs 875, hit in September 2024.

"The equity shares proposed to be allotted by the resulting company 1 and resulting company 2 are to be listed with the National Stock Exchange of India (NSE) and the BSE subject to the applicable regulations and the necessary regulatory approvals," it said. However the listing date of the demerged entities has not been announced yet but likely to be listed in next two months.

Quess Corp announced the decision to demerge its businesses in February 2024 and it had received the nod from the National Company Law Tribunal (NCLT) for spinning off its businesses into three different entities. After spinning off the businesses, Quess Corp will ultimately result in three separate listed companies,- Quess Corp, Digitide Solutions, and Bluspring Enterprises.

The newly appointed boards and the board of Quess Corp have appointed Gurmeet Chahal as the CEO and Suraj Prasad as the CFO of Digitude Solutions, along with Kamal Pal Hoda as CEO and Prapul Sridhar as CFO of Bluspring Enterprises. Guruprasad Srinivasan will serve as CEO and Sushanth Pai will serve as CFO of Quess Corp, as per the company's filing.