India's Quess, unit Allsec Technologies jump on $24 mln all-stock merger deal

Alldigi Tech

23/06/2022 05:43

** Shares of staffing service provider Quess Corp  QUEC.NS 
up 4.1%, IT services unit Allsec Technologies Ltd  ALLS.NS 
surges 13.9% to highest in over two weeks
    ** QUEC to buy all shares in unit ALLS it already does not
own for 1.86 bln rupees ($23.77 mln)
    ** All-stock deal to see QUEC issue 0.74 shares for every
ALLS share held at 457.9 rupees per share, representing a 6.4%
premium to ALLS' last closing price, based on Reuters
calculations
    ** QUEC already owns 73.4% stake in ALLS; shareholding of
QUEC in ALLS to be cancelled on merger
    ** After deal, public shareholders of ALLS to hold about 2%
stake in QUEC
    ** ALLS shares mark sharpest intraday pct jump since mid-May
    ** ALLS shares down 32.7% YTD up to last close, QUEC down
27.7%

($1 = 78.2400 Indian rupees)

 (Reporting by Chris Thomas in Bengaluru)
 ((chris.thomas@thomsonreuters.com; +91-80-6749-8695; Reuters
Messaging: chris.thomas.thomsonreuters.com@reuters.net))