Majesco Announces Rs. 631 crore Buyback; Buyback Price At Rs. 845

In an exchange filing, the technology firm Majesco announced share buyback worth Rs. 631 crore. The buyback size is 20.52% of the standalone fully paid-up equity share capital and free reserves as per the standalone audited accounts of the Company as on September 30, 2020 and 20.52% of the consolidated fully paid-up equity share capital and free reserves as per the consolidated audited accounts of the Company as on September 30, 2020 and is within the statutory limits of 25% of the fully paid-up equity share capital and free reserves as per the last standalone and consolidated audited accounts of the Company.

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

The offer is for the buyback of 74,70,540 equity shares multiplied by the buyback price i.e. Rs 845 aggregating up to Rs 631,26,06,300. The buyback size does not include any transaction costs,' the offer document filed on the stock exchanges said.

The buyback represents 24.78 per cent of the total paid-up capital of the company.
Shares of Majesco closed 0.9 per cent up at Rs 934.35 on BSE on Friday.

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