Aurum Ventures Open Offer To Acquire Majesco Limited 26% Of Public Shareholding

Aurum Ventures Open Offer To Acquire Majesco Limited 26% Of Public Shareholding
23/03/2021 , by , in News/Views

Aurum Ventures announced signing a definitive share purchase agreement for purchase of the entire promoter shareholding of 14.78% in Majesco Limited through one of its subsidiaries Aurum Platz IT Private Limited. 

Under the terms of the Share Purchase Agreement, Aurum Platz IT Private Limited will pay Rs. 77/- per share in cash to the promoters for acquiring 14.78% of promoter shareholding in Majesco Limited, upon closing of the transaction. Aurum Platz IT Private Limited has made a mandatory open offer announcement for acquiring up to 26% stake from the public shareholders of Majesco Limited 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.

Ashish Deora, Founder and CEO of Aurum Ventures said “Majesco Limited 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.”

Ketan Mehta, Founder and Non-Executive Director of Majesco Limited added “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. Aurum Ventures is an established player in the real estate business and we thought it is a good fit for them.”

DAM Capital Advisors Limited (formerly known as IDFC Securities Limited) acted as sole advisor to Acquirer and Manager to the Open Offer.


About Realty Plus