02-Jan-2024
2 mins read
The Board of Directors of Quest Softech (India) Limited has decided in their recent meeting to issue 1.6 crore Equity Shares, each having a face value of Rs 10, for Rs 30 per share (this includes a premium of Rs 20 per share). The total value of this Rights Issue is Rs 4800 lakhs, to be issued in three stages, including the application money, exclusively to the current equity shareholders of the company.
The shares in question are Equity Shares, partly paid-up, with each share having a paid-up value of Rs 10. The total issue size of these partly paid-up Equity Shares is 1.6 crore shares, amounting to Rs 4800 lakhs. This calculation assumes full subscription and receipt of all due call monies for these Rights Equity Shares. The amount payable on application is Rs 10 per Equity Share.
The entitlement ratio for the Rights Issue is fixed at 8 Equity Shares for every 5 Fully Paid Equity Shares held by existing shareholders as of the Record Date.
The pricing for each Rights Equity Share is set at Rs 30, which includes a premium of Rs 20 per share. The payment structure for the Rights Issue is such that Rs 10 per Rights Equity Share (inclusive of a premium of Rs 6.67) is to be paid upon application. As the Board decides, the remaining amount will be called in two subsequent instalments.
The Record Date for this issue is slated for January 8, 2024, which falls on a Monday. In the latest trading session on the BSE, Quest Softech (India) Ltd’s shares were traded at Rs 77.16, a slight decrease from the previous closing of Rs 79.65. The day saw a trading volume of 49,778 shares over 204 trades. The stock reached a high of Rs 80.99 and a low of Rs 75.67 during the day, with a net turnover of Rs 3788083.00.
Quest Softech (India) Limited Product Portfolio
Founded in 2000, Quest Softech (India) Limited specialises in providing a range of electric vehicle (EV) charging solutions. These include home charging setups, public charging infrastructure, and fleet management services. The company is also involved in operating its own charging stations, along with offering a suite of services related to EV charging stations, such as installation, feasibility assessments, and annual maintenance contracts (AMC Services) for these stations.
Quest Softech has developed two primary business models: the COCO model and the trading model. The COCO model, which stands for company-owned and company-operated, involves the company bearing the costs for acquiring, setting up, and maintaining the charging stations.
The company’s charging stations are marketed under the brand name “AMPVOLTS.” Under this brand, Quest Softech delivers a variety of services, including testing charging stations for efficiency and cost-effectiveness, trading charging station equipment, setting up and commissioning new stations, and providing service and maintenance. The brand also features a network of COCO charging stations.
Beyond these charging solutions, Quest Softech extends consulting services to aid businesses and organisations in formulating and executing their electric vehicle charging strategies.
Financial Performance of Quest Softech (India) Limited (In Rs Crore)
Between the fiscal years ending March 31, 2023, and March 31, 2022, Quest Softech (India) Limited experienced a 28.11% decline in revenue while their profit after tax (PAT) increased by 30.09%.
| Period Ended | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 7.89 | 4.01 | 4.4 |
| Revenue | 0.06 | 0.09 | 0.08 |
| Profit After Tax | -0.36 | -0.51 | -1.15 |
| Net Worth | 3.33 | 3.69 | 4.2 |
| Reserves and Surplus | -6.67 | -6.31 | -8.92 |
| Total Borrowing | 4.56 | 0.32 | 0.2 |
Important Dates for Quest Softech (India) Limited Rights Issue
| Issue Open | February 2, 2024 – February 15, 2024 |
| Security Name | Quest Softech (India) Limited |
| Issue Size (Shares) | 16,000,000 |
| Issue Size (Amount) | Rs 4,800.00 Crores |
| Issue Price | Rs 30 per share |
| Face Value | Rs 10 per share |
| Listing At | BSE |
| Terms of Payment | An amount of Rs 10/- per Rights Equity Share (including a premium of Rs 6.67 per Rights Equity Share) is to be paid on application, and the balance is to be paid in 2 calls as determined by our Board at its sole discretion from time to time. |
| Entitlement | 8 Rights Equity Share(s) for every 5 fully paid-up Equity Shares held on Record Date |
Timetable of Quest Softech (India) Limited Rights Issue
| Last Date to buy shares | 5-Jan-24 |
| Record Date | 8-Jan-24 |
| Credit of Rights Entitlements | February 1, 2024 |
| Bid/Offer Opens On | February 2, 2024 |
| Renunciation of Rights Entitlements | February 8, 2024 |
| Bid/Offer Closes On | February 15, 2024 |
| Deemed Date of Allotment | February 24, 2024 |
| Credit Date | February 28, 2024 |
| Listing Date | March 1, 2024 |
The Objectives of Quest Softech (India) Limited Rights Issue
Quest Softech (India) Limited plans to allocate the net proceeds, which are the gross proceeds from the Issue minus any expenses related to the Issue, towards several key objectives. These include setting up Electric Vehicle (EV) charging stations, covering general corporate expenses, and addressing expenses associated with the Rights Issue.
Lead Manager(s) for Quest Softech (India) Limited Rights Issue
The lead manager(s) for Quest Softech (India) Limited Rights Issue are yet to be announced.
How to Apply for Quest Softech (India) Limited Rights Issue
Wait for the public issue to open for subscription, then click on this link to apply for the Quest Softech (India) Limited Rights Issue with Bigul https://www.bonanzaonline.com/.
How to Check Allotment Status of Quest Softech (India) Limited Rights Issue
The registrar for Quest Softech (India) Limited Rights Issue is Purva Sharegistry India Pvt Ltd. To check your allotment status, please click on this link https://www.purvashare.com/queries/
FAQs
- What are the details of the Equity Shares in this Rights Issue?
The Equity Shares are partly paid-up, with each share having a paid-up value of Rs 10. The total issue size is 1.6 crore shares, amounting to Rs 4800 lakhs, assuming full subscription.
- What is the entitlement ratio for this Rights Issue?
The entitlement ratio is set at 8 Equity Shares for every 5 Fully Paid Equity Shares held by existing shareholders on the Record Date.
- What is the pricing for each Rights Equity Share?
Each Rights Equity Share is priced at Rs 30, which includes a premium of Rs 20 per share. An initial payment of Rs 10 per share (including a premium of Rs 6.67) is required upon application, with the balance payable in two subsequent instalments.
- What is the Record Date for the Rights Issue?
The Record Date for the issue is January 8, 2024.
- When will the issue open and close?
The Quest Softech India Rights Issue 2024 commences on February 2 and concludes on February 15, 2024.
- How can I apply for the Quest Softech (India) Limited Rights Issue?
Once the issue is open for subscription, you can apply through the provided link on Bigul’s website.
- How can I check the allotment status of the Rights Issue?
The allotment status can be checked through the link provided for Purva Sharegistry India Pvt Ltd, the registrar for the issue.