Fairfax Acquires 4.45% stake in Quess Corp via reverse book building, confirms CNBC-TV18 newsbreak

Sources told CNBC-TV18 that Fairfax has acquired that 4.5 percent stake via the reverse book building process, taking its overall holding to 34.6 percent.

With this, the overall promoter stake in Quess Corp has increased to 56.4 percent. As of the December quarter shareholding pattern, the total promoter holding in Quess Corp stood at 51.9 percent.

Quess Corp has two promoter entities. Fairfax had 30.1 percent stake, while Ajit Isaac holds 21.8 percent stake in the company.

Shares exchanged hands at an average price of Rs 377.5 per share and the transaction was valued at Rs 251 crore.

Last year, Quess Corp had approved the withdrawal of the merger scheme with business process outsourcing firm Allsec Technologies.

The management explained that the merger was called off as the swap ratio for the same turned out to be unfavourable. However, they also said that this is an interim decision taken by the company given the market conditions and the same can be revisited at a later date.

Shares of Quess Corp are trading 4.4 percent higher at Rs 358.50.