Investor Aurum Ventures has acquired the promoters stake in Majesco and now made an open offer to acquire 26 per cent more stake from the public shareholders. Aurum has acquired 14.78 per cent in Majesco 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 ₹77 per share in cash to the promoters for acquiring 14.78 per cent 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 per cent stake from the public shareholders of Majesco Limited at the same price subject to necessary approvals. The price represents a premium of approximately 14 per cent over Majesco’s volume-weighted average market price (VWAMP) during the 60-trading day period and a premium of 21.5 per cent over the last traded price as of March 19, 2021.

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

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

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