Quess Corp signs agreement to acquire Heptagon Technologies

Quess Corp Limited (Company) has signed a Share Subscription Agreement and Amended Shareholders' Agreement with Heptagon Technologies Private Limited (Heptagon) and Vijayramkumar Veeraraghavan, Vignesh Rangasamy and Rajesh Sankarappan (Promoters) pursuant to which the Company has agreed to make an additional investment in Heptagon through subscription of 6,342 (six thousand three hundred and forty four) equity shares for a consideration of INR 15,768 (Indian Rupees Fifteen Thousand Seven Hundred and Sixty Eight) per equity share aggregating to INR 10,00,00,656 (Indian Rupees Ten Crore Six Hundred and Fifty Six).

The Company and Heptagon had also entered into a loan agreement dated 5 September 2018 for an amount of INR 3,00,00,000 (Indian Rupees Three Crore) (Loan Agreement). Pursuant to the Loan Agreement, the Company (the lender) is exercising the Lender's Conversion Right (as defined under the Loan Agreement) and has issued the requisite notice to Heptagon (as required under the Loan Agreement). Accordingly, Heptagon shall issue 1,902 (one thousand nine hundred and two) equity shares at a price of INR 15,768 (Indian Rupees Fifteen Thousand Seven Hundred and Sixty Eight) per equity share to the Company in lieu of the loan amount.

On the Closing Date (as defined under the Share Subscription Agreement), upon the issue and allotment by Heptagon of the aforementioned equity shares, i.e. cumulatively 8244 (eight thousand two hundred and forty four) equity shares to the Company, it shall hold 60.67% in Heptagon.

Shares of Quess Corp Limited was last trading in BSE at Rs. 642.60 as compared to the previous close of Rs. 661.20. The total number of shares traded during the day was 53215 in over 6096 trades.

The stock hit an intraday high of Rs. 717.90 and intraday low of 635.05. The net turnover during the day was Rs. 35745583.00.

Source : Equity Bulls

Keywords

QuessCorp INE615P01015 StakeAcquisition HeptagonTechnologies