Majesco Limited board approves buyback of shares at Rs. 845

The Board of directors of Majesco Limited ("Company") at its meeting held on October 8, 2020 has approved the proposal to buyback upto 74,70,540 fully paid equity shares of Rs. 5/- each of the Company ("Equity Shares") (being 25% of the total paid-up equity capital of the Company as on September 30, 2020) at a price of Rs. 845/- (Rupees Eight hundred forty five only) per Equity Share ("Buyback Offer Price"), for an aggregate amount not exceeding Rs. 631,26,06,300/- (Rupees Six hundred thirty one crore twenty six lakh six thousand three hundred Only) (hereinafter referred to as the "Buyback Offer Size") (being less than 25% of the total paid-up equity capital and free reserves of the Company as on September 30, 2020). The Buyback Offer Size does not include any expenses incurred or to be incurred for the Buyback such as filing fees payable to SEBI, advisors' fees, transaction costs viz. brokerage, applicable taxes such as buyback tax, securities transaction tax, Goods and Services Tax, stamp duty, etc., public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

The Buyback is proposed to be undertaken from the shareholders of the Company on a proportionate basis through the tender offer route (hereinafter referred to as the "Buyback") in accordance and consonance with the provisions contained in the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (as amended) ("Buyback Regulations") and the Companies Act, 2013 ("Act") (including any statutory modification(s) or re-enactment of the Act or the rules made thereunder, for the time being in force).

The Buyback is subject to approval of the members by means of a special resolution. The Public Announcement setting out the process, timelines and other statutory details will be published in due course in accordance with the Buyback Regulations. The Board has constituted a Buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback.

Shares of Majesco Ltd was last trading in BSE at Rs.847.15 as compared to the previous close of Rs. 858.95. The total number of shares traded during the day was 21991 in over 1140 trades.

The stock hit an intraday high of Rs. 884.85 and intraday low of 841.6. The net turnover during the day was Rs. 19074749.

Source : Equity Bulls

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