Majesco spurts after Aurum Platz makes open offer for 26% stake

Majesco hit an upper circuit of 5% at Rs 66.55 after Aurum Platz IT announced an open offer to acquire upto 26% in the IT company.

Mar 22, 2021 09:03 IST capital market

Real estate developer Aurum Ventures acquired 42,31,679, or 14.78% in Majesco through a subsidiary, Aurum Platz IT, for total consideration of Rs 32,58,39,283, or Rs 77 per share.

Aurum Platz IT has also made a mandatory open offer to buy up to 74,43,720, or 26% stake in Majesco from the public at Rs 77 each, which is a premium of about 21.5% over its last traded price of Rs 63.45 on Friday.

The deal, including the open offer, is worth around Rs 90 crore.

As of 31 December 2020, the promoters held 14.78% stake in Majesco.

Majesco provides technology, expertise, and leadership that helps insurers modernize, innovate and connect to build the future of their business - and the future of insurance - at speed and scale.

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