Business services provider Quess Corp Ltd. on Thursday sold its entire stake in Simpliance Technologies to HR compliance services company Aparajitha Corporate Services for an enterprise of Rs 120 crore.
Quess Corp has entered into definitive agreements to divest its stake in Simpliance to Aparajitha. The deal has an enterprise of Rs 120 crore on a cash and debt free basis, subject to closing adjustments and fulfilment of conditions, according to a statement.
In line with the corporate structure simplification process and rationalisation of business lines, we have divested our stake in Simpliance Technologies.
"We are also happy that Simpliance has found a permanent home at Aparajitha Corporate Services," Quess Corp Executive Director and Group Chief Executive Officer Guruprasad Srinivasan said.
For Quess, a strategic investment of Rs 4.5 crore in Simpliance for its total 53% shareholding made between October-2016 and August 2018 has yielded an enterprise of Rs 120 crore, the company said in a regulatory filing.
"While we continue to pursue our corporate structure simplification process, we will ensure significant unlocking from the investments made since our IPO," the company added.
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