Quess Corp Limited — Capital/Financing Update 2021

Apr 16, 2021

April 16, 2021

To, Department of Corporate Services, BSE Limited, 1st Floor, New Trading Ring, Rotunda Building, PJ Towers, Dalal Street, Mumbai – 400 001 Security Code – 539978 NSE Symbol – QUESS

Department of Corporate Services, National Stock Exchange of India Limited Exchange Plaza, Bandra- Kurla Complex, Bandra (East), Mumbai – 400 001

Dear Sir/Madam,

Sub: Increase in equity stake in Conneqt Business Solutions Limited from 70.00% to 100.00% by Quess Corp Limited ("Quess").

We wish to inform that the Administration and Investment Committee has approved the acquisition of 30% equity shares in Conneqt Business Solutions Limited ("Company" or "Conneqt") in lieu of Rs 208 Crore from Tata Sons Private Limited, in accordance with the Shareholders Agreement dated 20th November, 2017 and other applicable agreements.

By virtue of this transaction, Conneqt becomes a wholly owned subsidiary of Quess.

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

KUNDAN K LAL COMPANY SECRETARY & COMPLIANCE OFFICER

Annexure I

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:ConneqtBusinessSolutionsLimited.Size & Turnover: Conneqt is India'sleading domestic CLM and BPM playerwith 21+ Delivery centers in India, and29,000+ employees as on 31st Dec2021.Its turnover stood at Rs976Croresin FY2019-20.
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.	Industrytowhichtheentitybeingacquired belongs	Customer Life Cycle Management andBusiness Process Management.
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 provide Quessfull and complete ownership overConneqt, allowing it to better realizesynergiesbetweenitsvariousdivisions, Conneqtand Allsec.It will strengthen Quess' position toaccelerategrowthintheIT/ITESspace.
5.	Brief details of any governmental orregulatory approvals required for theacquisition	Not Applicable
6.	Indicative time period for completion ofthe acquisition	By 16th April, 2021
7.	Nature of consideration -whether cashconsideration or share swap and details ofthe same	Cash Consideration.Investmentbywayacquisitionof44,839,166equitysharesatpriceconsiderationof Rs. 46.388per sharefrom Tata Sons Private Limited.
8.	Cost of acquisition or the price at whichthe shares are acquired	INR 208 crores (Rupees Two hundredand eight crores only)for 30% stake

9.acquired	Percentage of shareholding/controlacquired and/or number of shares	Acquisition of 30% equity stake toincrease current holding from 70% to100%.
brief)	10. Brief background about the entityacquired 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 (in	• Conneqt is India's leading CLM andBPM player delivering outsourcingservices to 120+ clients in India, US,UK and Middle East. It operates 21+Delivery centers India and had 29,000+employees as on 31 st Dec 2021.• It earned revenues of Rs 739 crores, Rs854 crores and Rs 976 crores in FY18,FY19 and FY20 respectively.

Quess Corp Limited

Quess House, 3/3/2, Bellandur Gate, Sarjapur Road, Bengaluru-560103, Karnataka, India Tel: +91 80 6105 6001 | connect@quesscorp.com | CIN No.L74140KA2007PLC043909