Majesco frozen at 5% UC

Majesco, which has closed on Friday at Rs.63.40, opened today at 66.55, hitting the 5% UC immediately, on the back of a 35 times surge in volumes. Its 52-week high is at Rs.122.70. The entire of last week, every single day, the stock has been hitting the 5% LC.

The stock hit the roof after Aurum Platz IT Private Limited made an open offer for acquiring up to 74,43,720 fully paid-up equity shares, representing 26% stake in the company from the public shareholders.

The offer price is at Rs.77, which is at an over 21.5 % premium to Friday’s closing price.

This is a real estate player acquiring an IT company. Majesco has a constructed and under-construction area of 1,60,000 sq.feet and Rs.100 crore cash balance. Aurum plans to use a portion of the available cash to upgrade the real estate infrastructure and the rest for the company’s growth.