Quess Corp Limited — Capital/Financing Update 2021

Jul 9, 2021

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July 09, 2021

To, Department of Corporate Services, Department of Corporate Services, National Stock Exchange of India Limited BSE Limited, Exchange Plaza, 1[st] Floor, New Trading Ring, Bandra- Kurla Complex, Rotunda Building, PJ Towers, Dalal Street, Bandra (East), Mumbai – 400 001 Mumbai – 400 001 Security Code – 539978 NSE Symbol – QUESS

Dear Sir/Madam,

Sub: Increase in Equity stake in Stellarslog Technovation Private Limited (owner of the digital – gig platform Taskmo) from 16.12% to 33.33%.

We wish to inform, that in line with the Board of Directors’ approval at their meeting held on January 27, 2021 to subscribe to 49% equity shares in Stellarslog Technovation Private Limited (“Taskmo”), the Company has increased its stake in Taskmo from 16.12% to 33.33% by investing Rs. 3.20 Crores (Approx).

The information as per Regulation 30 of Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015, dated September 09, 2015 is annexed as ‘ Annexure I’.

Kindly take the above information on records and oblige.

Thanking you Yours sincerely,

FOR QUESS CORP LIMITED

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KUNDAN K LAL COMPANY SECRETARY & COMPLIANCE OFFICER

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Annexure – ‘I’

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Information as per Regulation 30 of Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015, dated September 09, 2015

S.No.	Particulars	Details
1.	Name of the target entity, details in briefsuch as size, turnover etc.	 Name:StellarslogTechnovationPrivate Limited. The Company owns and operates adigital platform – Taskmo, which is anonline marketplace for gig workers. Its turnover stood at Rs. 1.25 crores inFY 2020-21 and it had 20,000+ users ason 30thJune, 2021.
2.	Whether the acquisition would fall withinrelated party transaction(s) and whetherthe promoter/ promoter group/ groupcompanies have any interest in the entitybeing acquired? If yes, nature of interestand details thereof and whether the sameis done at “arms’ length”	 The proposed transaction would notfall within related party transactions. Thepromoter/promotergroup/group companies do not have anyinterest in the Company.
3.	Industry to which the entity beingacquired belongs	Provision of on-demand gig workers fortask based assignments.
4.	Objectsandeffectsofacquisition(including but not limited to, disclosure ofreasons for acquisition of target entity, ifits business is outside the main line ofbusiness of the listed entity)	This Investment will strengthen Quess’presence in the digital gig economy andenable it to serve the demand for flexiblegig workers from existing and newclients.
5.	Brief details of any governmental orregulatory approvals required for theacquisition	Not Applicable
6.	Indicative time period for completion ofthe acquisition	2ndTranche of ~Rs 3.2 crores investmentand allotment of shares by Taskmo on 9thJuly, 2021
7.	Nature of consideration - whether cashconsideration or share swap and details ofthe same	Cash Consideration
8.	Cost of acquisition or the price at whichthe shares are acquired	2ndTranche investment of Rs. 3.2 Crs byway of fresh issuance of equity shares. ataprice Rs. 520(Approx) per share

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9.	Percentageofshareholding/controlacquired and/or number of sharesacquired	2ndTranche comprises of subscription to61,569 shares thereby increasing its stakefrom 16.12% to 33.33%.
10.	Briefbackgroundabouttheentityacquired in terms of products/line ofbusiness acquired, date of incorporation,history of last 3 years turnover, country inwhich the acquired entity has presenceand any other significant information (inbrief)	Taskmo is a leading platform that enablesenterprises to outsource tasks to adistributed network of gig workers inIndia. It uses a proprietary algorithm forscreening,training,deploying,andmanaging gig workers. It had cumulativerevenues of Rs 4.29 crores from FY19 toFY21.

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