Quess Corp to buy Allsec Technologies Via open offer

Quess Corp said in a report that it Conneqt Business Solutions unit had now entered into the deal to acquire some of the majority stake in the Allsec Technologies in a transaction that could also be valued to be around Rs 398 crore.

Conneqt will buy the 35% stakes of the company from the promoters and 26% of the stake from the Carlyle ventures Mauritius, which makes its totally holing in the company to 61%. According to the report which has been revealed, Quess will now make up an open offer to shareholders of the Allsect to purchase of up to 26% shares of the company.

“The total net cash outflow is expected to be between Rs 271 crore to Rs 398 crore (depending upon the subscription in the open offer and the shares purchased pursuant to underlying Transaction),” Quess told the Bombay Stock Exchange in a regulatory filing.

Allsec, which was founded in the year 1988, has revealed revenue of Rs 25 crore in the Fiscal year 2018. It also has Rs 3500 employees across the globe.

Picture credits: Quess