Amazon Sells Stake in Quess Corp, Fairfax Boosts Holdings

Amazon divested 0.50% of its stake in Quess Corp, raising Rs 46 crore, through an open market transaction. Meanwhile, Quess Corp promoters, Fairfax Capital and Ajit Isaac, acquired additional shares. The move saw Quess Corp shares rise by 3.11% to Rs 613.85 on the BSE.

In a notable move within the business services sector, Amazon has sold a portion of its stake in Quess Corp. The global e-commerce leader offloaded 7.54 lakh shares, constituting a 0.50% stake, for Rs 46 crore through an open market deal.

This transaction involved Amazon's investment arm, Amazon.com NV Investment Holdings, and was marked by shares being sold at an average price of Rs 610.20 apiece. The decision to divest comes as other significant stakeholders in Quess Corp, such as Fairfax Capital and Ajit Isaac, expanded their holdings.

Fairfax Financial Holdings' unit, Fairbridge Capital (Mauritius), alongside Quess Corp's chairman Ajit Isaac, increased their stakes by purchasing an additional 3.77 lakh shares each. This development coincided with a rise in Quess Corp's share price, which climbed 3.11% to close at Rs 613.85 on the BSE.