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Real estate developer Aurum Ventures has acquired 14.78 per cent in IT consulting and software company Majesco through a subsidiary, Aurum Platz IT Private Limited, in what is possibly the first stake buy of an IT company by a real estate group. Aurum Platz IT will pay Rs 77 per share to buy the entire promoter shareholding in Majesco, according to the definitive share purchase agreement.
Aurum Platz IT has also made a mandatory open offer to buy up to 26 per cent stake from the public at the same price, which is a premium of about 14 per cent over Majesco’s volume-weighted average market price during the previous 60-day trading period and 21.5 per cent over its last traded price on Friday. The deal, including the open offer, is worth around Rs 90 crore. Shares of Majesco closed at Rs 63.40, down 4.9 per cent on Friday. “Majesco is a good strategic fit for Aurum’s real estate value chain,” said Ashish Deora, Founder, and CEO of Aurum Ventures.
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“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,” Deora said.
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.
