Quess Corp Limited has completed the allotment of 1,13,847 equity shares under its employee stock ownership plan, marking another milestone in the company's employee benefit initiatives. The allotment was approved by the Nomination and Remuneration Committee on March 24, 2026.

Share Allotment Details

The company allotted equity shares to Restricted Stock Unit (RSU) holders who exercised their options under the Quess Stock Ownership Plan 2020 (QSOP 2020). Each equity share carries a face value of Rs. 10 and ranks pari-passu with the existing equity shares of the company in all respects.

Impact on Share Capital

The allotment has resulted in an increase in the company's paid-up share capital. The change reflects the conversion of employee stock options into equity shares, demonstrating the company's commitment to employee ownership.

Regulatory Compliance

Quess Corp has fulfilled its disclosure obligations under multiple regulatory frameworks. The company submitted the required information under Regulation 10(c) of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, along with the application for listing and trading of the newly allotted shares.

The disclosure was made under Regulation 30 of SEBI's Listing Obligations and Disclosure Requirements Regulations, 2015. The information has been made available on the company's official website at www.quesscorp.com for stakeholder access.

Corporate Communication

The announcement was communicated to both BSE Limited and National Stock Exchange of India Limited through official channels. Company Secretary and Compliance Officer Kundan K Lal signed the disclosure document, ensuring proper corporate governance protocols were followed in the share allotment process.

Quess Corp Limited announced significant leadership changes and introduced a comprehensive employee stock ownership plan following its Board of Directors meeting on March 16, 2026. The decisions, disclosed under Regulation 30 of SEBI Listing Regulations, reflect the company's strategic succession planning and commitment to aligning employee interests with shareholder value creation.

Leadership Transition

The Board approved the appointment of Mr. Lohit Bhatia (DIN: 07980280) as Executive Director and Group Chief Executive Officer, effective June 01, 2026. This appointment follows recommendations from the Nomination and Remuneration Committee as part of the company's succession planning initiative.

Mr. Bhatia brings over 28 years of multi-industry leadership experience across textiles, auto components, and services sectors. He joined Quess Corp in 2011 as General Manager – Sales (Staffing) and currently serves as Chief Executive Officer. Under his leadership, the company's staffing business scaled from 13,000 to over 470,000 associates, establishing Quess as India's leading staffing enterprise and the world's fourth-largest.

Concurrently, Mr. Guruprasad Srinivasan (DIN: 07596207) will resign from his Executive Director position effective close of business hours on May 31, 2026, after completing 18 years of service. The company will engage his services for strategic consultancy and advisory support in areas aligned with his expertise following his tenure.

Quess Stock Ownership Plan 2026

The Board approved the introduction of QSOP 2026, a performance-oriented stock incentive plan designed to attract, retain, and reward key talent while aligning employee interests with shareholder value creation.

Plan Structure and Implementation

The new plan incorporates amendments to the existing QSOP 2020, which originally authorized 36,50,000 RSUs. Of these, 18,27,032 RSUs were already allocated, leading to a reduction in QSOP 2020's total allocation and redeployment of the remaining 18,22,968 RSUs to QSOP 2026.

The Board established the 'Quess Corp Limited Employees Welfare Trust' as an irrevocable employee welfare trust to implement and administer QSOP 2026. The trust is authorized for primary and secondary acquisition of company shares in accordance with SEBI regulations.

Performance-Based Vesting

QSOP 2026 emphasizes performance-driven vesting based on both company and individual employee performance. The Nomination and Remuneration Committee will establish specific criteria for Revenue, EBITDA, and Operating Cash Flow parameters annually. The plan includes a minimum one-year period between option grant and vesting, with options vesting within a maximum five-year period from the grant date.

The implementation of QSOP 2026 requires shareholder approval through postal ballot, with detailed information to be provided in the explanatory statement accompanying the notice. The plan extends to eligible employees of the company and its subsidiary and associate companies, present and future, in compliance with SEBI Share Based Employee Benefits and Sweat Equity Regulations, 2021.

Board Meeting Details