Quess Corp has received approval to divest 53% stake in its subsidiary -- Simpliance Technologies. The enterprise value of 100% in Simpliance is agreed at Rs 120 crore (on a cash free, debt free basis and assuming normalized working capital levels). Quess currently holds 53% shares in Simpliance and will accordingly receive proportionate consideration. The consideration to be paid to Quess will be subject to applicable taxes.
Quess Corp is one of India’s leading integrated business services providers focused on emerging as the preferred partner for handling end-to-end business functions of its clients.
