Quess Corp to acquire 70 per cent stake in Quess East Bengal FC

Quess Corp informed the exchanges that the administrative and investment committee of the company has approved the acquisition of 70 per cent equity of Quess East Bengal FC Private Limited, a newly incorporated company.

The company stated that the objective of the investment is to build a competitive football team that will play in the biggest football league in India. The investment is expected to provide a long-term and optimized branding platform for the company. The acquisition will be completed on or before August 30, 2018.

The company further added that it is looking to transition from being a services provider to building large business platforms, hence it is imperative that it connects with a diversified base of a large number of customers and consumers.

At 11:10 hours on Wednesday, the scrip was trading at Rs. 1,080 per share, up Rs. 10.75 or 1.01 per cent on NSE. The scrip opened at Rs. 1,060 and touched an intraday high of Rs. 1,088 per share on NSE. The stock has a 52-week high of Rs. 1,303.15 and a 52-week low of Rs. 791.15 per share on NSE. The stock attracted a traded volume of 17,417 shares on NSE.