Announcements

Majesco Limited. Takeover

Aurum Platz IT Private Limited has decided to acquire (takeover) up to 74,43,720 equity shares of Majesco Limited at a price of Rs. 77 per equity shares between 20th May 2021 to 3rd June 2021.

Read on to know how you can apply for it quickly and easily -

What is a takeover and why should you opt for it?
It’s a corporate action where a company or group of companies offers to buy or acquire shares of another company in order to gain enough control in that company. In this case, Aurum Platz IT Private Limited has decided to acquire shares of Majesco Limited. To learn more about a takeover, click here.

What does this offer mean for Majesco Limited shareholders?
A takeover is usually done at a higher price than the market price, thus giving shareholders a chance to sell their shares at a higher price.

Existing Majesco Limited shareholders holding Majesco Limited shares can offer to sell their shares for Rs. 77 per equity share by applying to this takeover offer before 2 PM on 3rd June 2021.

How to apply for a takeover?
Just follow these steps:

1. Login into keystone.upstox.com with your client code and back-office password
2. Click on “Account” on the top of the header line
3. Click on “Buy Back/ Takeover” from the drop-down
4. Click on “Apply” and enter the quantity
5. Submit the request

Note: Non-POA holders will need to enter a valid pin to authenticate the takeover via EDIS to proceed.

When can you apply?

Apply for this takeover before 2 PM on 3rd June 2021.

What to keep in mind while applying?

• You shouldn’t sell these shares on or before 3rd June 2021 if you’re interested to take part in the takeover offer.
• After applying and offering your shares up for a takeover, you cannot sell them in the market and modify or cancel your original bid.
• You can only sell these shares in the market If the company cancels the takeover and you receive your shares back from the company.
• You will receive the takeover amount for the shares from Majesco Limited/ Registrar & Transfer Agent (RTA) directly into your bank account (this will be updated in the records of the depository as well).
• A total of 74,43,720 shares will be accepted by Majesco Limited for the takeover and the remaining shares not accepted by Majesco Limited  will be returned back to shareholders in their Demat account. 
• Majesco Limited  will credit the payment for the accepted shares and the unaccepted shares will be returned to the user's Demat accounts within 10 days from the date of offer closure i.e. 3rd June 2021.
• The percentage of shares accepted will be decided based on the number of retail investors who have applied for the takeover.

That’s all about the Majesco Limited takeover, stay tuned for more takeover updates from Upstox!