Aurum Ventures to buy 14.78% Majesco shares

Aurum Ventures, which is into real estate, has signed a definitive share purchase agreement for acquiring the entire promoter shareholding of 14.78% in Majesco Ltd., an IT firm, through its subsidiary Aurum Platz IT Private Ltd. As per the agreement, Aurum Platz will pay ₹77 per share in cash to the promoters for acquiring 14.78% of promoter shareholding in Majesco, upon closing of the transaction. Aurum Platz has also made a mandatory open offer for acquiring up to 26% stake from the public shareholders of Majesco at the same price subject to necessary approvals.

“The price represents a premium of approximately 14% over Majesco’s volume weighted average market price (VWAMP) during the 60-trading day period and a premium of 21.5% over the last traded price as of March 19, 2021,” Aurum Ventures said in a statement.

“Majesco is a good strategic fit for Aurum’s real estate value chain. The acquisition portrays our capability, expertise and confidence in real estate which is going through a paradigm shift. We are evaluating strategies and will come out with a growth roadmap in the coming months,” Ashish Deora, founder and CEO, Aurum Ventures said.

Ketan Mehta, founder and non-executive director, Majesco said, “We have till date delivered significant value to the Majesco shareholders and our decision to hand over control to Aurum Ventures Group was made keeping in mind the long-term interest of the shareholders after evaluating various options.”

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