Aurum Ventures, which is into real estate, through its subsidiary Aurum Platz IT Pvt Ltd, has signed a definitive share purchase agreement to acquire the entire promoter shareholding of 14.78% in an IT firm, Majesco Limited, the agreement. As per, Aurum Platz will pay the promoters ₹ 77 per share in cash to acquire a 14.78% stake in Majesco at the conclusion of the transaction. Aurum Platz has also made a mandatory open offer to acquire a 26% stake from the public shareholders of Majesco at the same price subject to the necessary approval.
“The price represents a premium of about 14% over the volume-weighted average market price (VWAMP) of Mezco during the period March 19, 2021, and a premium of 21.5% over the previous traded price,” Aurion Ventures said in a Statement.
Majeco is a good strategic fit for Aurum’s real estate value chain. The acquisition portrays our ability, expertise and confidence in real estate which is undergoing a paradigm shift. We are evaluating strategies and will come up with a development roadmap in the coming months, ”said Ashish Deora, Founder and CEO Aurum Ventures.
“We have given significant value to the Mezco shareholders to date and our decision to hand over control to Arum Ventures Group was made keeping in mind the long-term interest of the shareholders,” said Ketan Mehta, founder and non-executive director of Mejesco. Evaluation of various options. “
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