Majesco Ltd has entered right into a share buy settlement with Mastek (UK) Limited (the “Seller”) on December 12, 2019, for acquisition of 2,000,000 stocks of Majesco (USA), a cloth subsidiary of the Company (“SPA”).

In consideration for buy of the stocks, the Company will pay the Seller USD 15.Ninety four Million, based on closing stock fee of Majesco (USA) at the NASDAQ on December eleven, 2019.

Accordingly, after the finishing touch of the aforesaid purchase, stake of the Company in its fabric subsidiary i.E. Majesco (USA), will increase to 74.6% from existing sixty nine.Nine%.

The Turnover of Majesco (USA) for FY 2018-19 (on consolidated basis) become USD 139.86 Million and Net Profit for FY 2018-19 (on consolidated basis) become USD 6.Nine Million.

Mr. Ketan Mehta and Mr. Sudhakar Ram, Promoters of the Company, are Directors of Majesco (USA), subsidiary of the Company.

The Company confirms that the stated transaction is being undertaken on “arm’s length’ foundation, at Majesco (USA)’s ultimate stock fee of USD 7.Ninety seven in step with proportion at the NASDAQ on December eleven, 2019.

Majesco (USA) is a issuer of software program, consulting and statistics technology offerings for Life & Annuity (L&A) and Property & Casualty (P&C) insurers. The proposed acquisition could be completed inside seven running days of signing of the SPA.

Shares of Majesco Ltd become ultimate trading in BSE at Rs.395.Eighty five in comparison to the previous near of Rs. 399.Sixty five. The general number of stocks traded throughout the day changed into 3271 in over 157 trades.