An arm of real estate developer Aurum Ventures will acquire 14.78 per cent promoter shareholding in IT company Majesco, triggering an open offer to buy 26 per cent from the public.
The purchase from promoters and the public will take place at a price of Rs 77 per share.
The deal value is Rs 90 crore, including the open offer.
DAM Capital Advisors, formerly known as IDFC Securities, is acting as the sole adviser to the acquirer and will manage the open offer.
“Majesco is a good strategic fit for Aurum’s real estate value chain,” Ashish Deora, founder and chief executive of Aurum Ventures, said in The Economic Times report.
The report quoted Ketan Mehta, founder and non-executive director of Majesco, as saying: “We have so far delivered significant value to Majesco shareholders and our decision to hand control to Aurum Ventures Group was made keeping in mind the long-term interest of the shareholders after evaluating various options.”
Headquartered in Mumbai, Aurum Ventures is a value investor with a focus on long-term investments in special situations both in India and overseas. Its current presence is in commercial, residential and prop-tech segments while its experience spans retail, telecom and aviation sectors, among others.
In real estate, its portfolio includes Aurum Q Parc, Q Residences and 7 Marine Drive.
In 2018, Aurum Ventures sold 1.4 million square foot (sq ft) commercial space to Ascendas-Singbridge for Rs 930 crore.
In 2014, it acquired a six million sq ft mixed-use project in Navi Mumbai from CapitaLand.