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18-Mar2019

Majesco surges on getting approval to sell India Insurance Products & Services Business

Majesco is currently trading at Rs. 505.00, up by 11.55 points or 2.34% from its previous closing of Rs. 493.45 on the BSE.

The scrip opened at Rs. 495.00 and has touched a high and low of Rs. 505.05 and Rs. 495.00 respectively.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 581.00 on 30-Apr-2018 and a 52 week low of Rs. 401.10 on 19-Jul-2018.

Last one week high and low of the scrip stood at Rs. 522.00 and Rs. 477.55 respectively. The current market cap of the company is Rs. 1398.71 crore.

The promoters holding in the company stood at 39.16%, while Institutions and Non-Institutions held 20.81% and 40.03% respectively.

Majesco has received approval to sell, transfer and dispose of, as a going concern and on a slump sale basis, the Company's India Insurance Products & Services Business, together with the use of all the licences, permits, consents and approvals whatsoever, and all related assets (excluding immovable assets) and liabilities pertaining to India Insurance Products & Services Business together with employees, to Majesco Software and Solutions India (MSSIPL), a step-down subsidiary of the Company, for a lump sum consideration of around Rs 24.37 crore. The Board of Directors of the Company at its meeting held on March 16, 2019 approved the same.

Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.


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