Majesco Limited, an Indian listed company announces that the Company’s Board of Directors, in its meeting held on October 8, 2020 have approved the buy back of Equity Shares.

About Company

Majesco Limited was incorporated as Minefields Computers Private Limited on June 27, 2013 in the state of Maharashtra.

It was converted into a public limited company on December 22, 2014.

Pursuant to Scheme of Arrangement between Mastek Limited, Majesco Limited and Majesco Software and Solutions India Private Limited as approved by Hon’ble High Court of Bombay and Hon’ble High Court of Gujarat, the name of the company was changed to Majesco Limited on June 12, 2016.

The shares of Majesco Limited were listed on August 19, 2015 on the BSE and NSE.

How many shares to be Buyback

Majesco proposes to buyback up to 74,70,540 fully paid equity shares of ₹5/- each of the company.

The buyback size does not include any transaction costs

Price per share

The price of the Buyback is kept at Rs 845 per share.

Date of Buyback

The buyback will open on November 27 and close on December 11. 

Amount of Buyback

Majesco on Friday announced a share buyback plan of up to Rs 631.26 crore. 

how it will proceed?

The buyback is proposed to be undertaken from the shareholders of the company on a proportionate basis through the tender offer route.

How many percent of stake is to be Buyback?

The buyback represents 24.78 per cent of the total paid-up capital of the company. 

Stock Market Impact

Shares of Majesco closed 0.9 per cent up at Rs 934.35 on BSE on Friday.

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