Aurum Platz Acquires Majesco Promoter Stake, Makes Open Offer
Majesco's stock snapped a 12-session losing streak after the open offer announcement.
Shares of Majesco Ltd. hit an upper circuit after Aurum Platz IT Pvt. entered into a share purchase agreement with the IT company's promoters.
Aurum Platz will acquire the entire 14.78% stake held by the promoters of the information technology services provider, according to an exchange filing. Total consideration for this acquisition will be worth Rs 32.6 crore.
The acquisition triggered an open offer, through which Aurum Platz has proposed to acquire 74.4 lakh shares of Majesco, or 26% of the total public shareholding, at Rs 77 apiece — a 21.4% premium to Friday's closing price.
As of December, public shareholding in Majesco stood at 85.22%. Post the transaction, the promoters will have exited their entire stake in the company.
"Assuming full acceptance of the open offer, the total consideration payable by the acquirer under the open offer at the offer price will be Rs 57.31 crore," Majesco's filing said.
Aurum Platz has appointed DAM Capital as the manager to the issue.
Majesco in December last year announced an interim dividend of Rs 974 per equity share.
Shares of Majesco hit an upper circuit of 5% at Rs 66.55 apiece after the announcement. The stock has snapped a 12-session losing streak, locked in a lower circuit of 5% in all of the trades.
