The Board of Quess Corp Limited announced the spin-off of Bluspring Enterprises Ltd on February 16, 2024. Upon this Scheme becoming effective and in consideration of the transfer and vesting of Demerged business, Quess Corp shareholders will receive one share in Bluspring Enterprises Ltd for every share they held in the company. The turnover of Bluspring Enterprises Ltd for the financial year ended March 31, 2023, was INR 17.2 billion.

The Scheme is subject to, inter-alia, receipt of requisite approvals from SEBI, the National Company Law Tribunal, Bengaluru Bench, the Stock Exchanges and other statutory and regulatory authorities, and approval of the requisite majority of the shareholders and creditors of the Companies, under applicable law. The Board of Directors of the Company has approved the Composite Scheme of Arrangement. This process of demerger is expected to take between 12-15 months, to achieve regulatory clearances.

Ravishu Shah of RBSA Capital Advisors LLP acted as fairness opinion provider to Quess Corp Limited.