Aurum Ventures acquires Majesco’s promoter stake; makes open offer
Shares of Majesco were locked in a 5% upper circuit after Aurum Platz IT Pvt Ltd made an open offer for acquiring up to 74,43,720 fully paid-up equity shares, representing 26% stake, of Majesco from the public shareholders. The offer price is Rs 77 a share. Assuming full acceptance of the open offer, the total consideration payable by Aurum Platz will be Rs 57.31 crore.
The deal, including the open offer, is worth around Rs 90 crore.
The deal is significant since a realty firm is acquiring a listed technology company and will provide Aurum Ventures control of a corporate entity that is listed on both the major stock exchanges as well as the flexibility to explore new strategic business streams.
The entire transaction is expected to conclude over the next few months.
Majesco has a cash balance of over Rs 100 crore, along with a constructed and under-construction area of 160,000 square feet. Aurum Ventures is planning to use a portion of the available cash to upgrade the real estate infrastructure and the rest for the company’s growth.
DAM Capital Advisors, formerly known as IDFC Securities, acted as the sole advisor to the acquirer and manager to the open offer.
In May 2018, Aurum Ventures had sold two buildings with a combined built-up area of 1.4 million sq ft for Rs 930 crore to Singapore’s sovereign wealth fund.
The company is developing a township – Q Parc – in Navi Mumbai including a Special Economic Zone, office spaces, walk-to-work residences and lifestyle retail.
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