Majesco Buyback 2020 , Buyback Price With Record Date and Other Details

Majesco made a  public announcement (“Public Announcement”)  in relation to the buy-back of equity shares each having a face value of INR 5 (the “Equity Shares”) by Majesco Limited (the “Company”) from the shareholders/ beneficial owners of the Company through a tender offer route through the Stock Exchange Mechanism pursuant to the provisions of Regulation 7(i) of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 (the “Buyback Regulations”) for the time being in force, including any statutory modifications and amendments from time to time and contains the disclosures as specified in Schedule II read with Schedule I of the Buyback Regulations. OFFER FOR BUYBACK OF UP TO 74,70,540 (SEVENTY FOUR LAKH SEVENTY THOUSAND FIVE HUNDRED AND FORTY ONLY) FULLY PAID UP EQUITY SHARES OF THE COMPANY AT A PRICE OF INR 845/- (RUPEES EIGHT HUNDRED AND FORTY FIVE ONLY) PER EQUITY SHARE ON A PROPORTIONATE BASIS THROUGH THE TENDER OFFER ROUTE (“BUYBACK” OR “BUYBACK OFFER”)

The Company proposes to buyback a maximum of 74,70,540 Equity Shares of face value of INR 5 (Rupees Five Only) each of the Company.
Majesco buyback 2020




Majesco BuyBack 2020 Offer Deal:

Buyback Type:Tender Offer
Buyback Offer Amount:₹ 631.26  Cr
Date of Board Meeting approving the proposal:Nov 02 2020
Record DateNov 12 2020
Buyback Offer Size:24.78%
Buyback Number of Shares:74,70,540  Shares
Price Type:Tender Offer
FV:5
Buyback Price:₹ 845 Per Equity Share

Majesco Buyback of 74,70,540 equity shares which is around 24.78of all the existing number of equity shares at a price of ₹845 per equity share. The buyback offer not exceeding of ₹631.26 crore of total buyback offer size.

Note: If anything you want to know about the buyback offer you can refer the Majesco buyback offer documents. Click Here


DETAILS OF THE Majesco BUYBACK OFFER AND OFFER PRICE 


Pursuant to Sections 68, 69, 70, 110 and any other applicable provisions of the Companies Act, 2013 (the “Companies Act”), the Companies (Share Capital and Debentures) Rules, 2014 (the “Share Capital Rules”), the Companies (Management and Administration) Rules, 2014 (the “Management Rules”), as amended, Article 23 of the Articles of Association of the Company, and in compliance with the Buyback Regulations, the board of directors of the Company (hereinafter referred to as the “Board”, which expression includes any committee constituted by the Board to exercise its powers, including the powers conferred by this resolution) at its meeting held on October 08, 2020 (“Board Meeting”) has, subject to approval of shareholders of the Company (“Shareholders”) by way of a special resolution and subject to approvals of statutory, regulatory or governmental authorities as may be required under applicable laws, approved the proposal to buy back up to 74,70,540 (Seventy four lakh seventy thousand five hundred forty only) fully paid-up equity shares of INR 5/- (Rupees five only) each of the Company (“Equity Shares”) representing up to 24.78% of the total paid-up Equity Share capital of the Company as on the date of this Public Announcement, at a price of INR 845/- (Rupees Eight hundred forty five only) per Equity Share (“Buyback Price”) payable in cash for an aggregate amount of up to INR 631,26,06,300/- (Rupees Six hundred thirty one crore twenty six lakh six thousand three hundred only) (“Buyback Size”) (excluding transaction costs viz. brokerage, applicable taxes such as buyback tax, securities transaction tax, GST, stamp duty, expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India (“SEBI”), advisors/legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses, etc. (“Transaction Costs”)), being 20.52% and 20.52% of the fully paid-up Equity Share capital and free reserves as per the latest audited standalone and consolidated financial results of the Company as at September 30, 2020 respectively. The Company sought approval of its Shareholders for the said Buyback by a special resolution through a notice dated October 08, 2020 (“EGM Notice”).

PROCESS AND METHODOLOGY FOR MAJESCO BUYBACK

  1. The Buyback is open to all Eligible Shareholders holding Equity Shares either in physical and/or in dematerialized form on the Record Date.
  2. The Buyback shall be implemented using the “Mechanism for acquisition of shares throughStockExchange pursuant to Tender-Offers under Takeovers, Buy Back and Delisting” notified vide the SEBI Circulars and following the procedure prescribed in the Companies Act and the Buyback Regulations, and as may be determined by the Board (including the “authorised persons” approved by the Board and authorized to complete the formalities of the Buyback) and on such terms and conditions as may be permitted by law from time to time.
  3. For implementation of the Buyback, the Company has appointed Kotak Securities Limited as the registered broker to the Company (the “Company’s Broker”) to facilitate the process of-tendering of Equity Shares through the stock exchange mechanism for the Buyback through whom the purchases and settlements on account of the Buyback would be made by the Company. The contact details of the Company’s Broker are as follows:

How to Participate in Majesco Buyback?

1. Firstly, to be eligible for the buyback the investor should have shares of Majesco in demat or physical form as on record date. 2. Once you have shares in demat, you can participate in the buyback process which is opening from [Not Announced], by selling your shares through your broker on NSE or BSE.  

3. Then on [Not Announced] the payment will be given to you for accepted shares and unaccepted shares will be returned to your demat account. 

Majesco Buyback 2020 FAQs:


When is Majesco Buyback Record Date?
Majesco buyback 2020 record date is 12 November 2020

When is Majesco Buyback announcement Date?
Majesco buyback 2020 announcement date is 02 Nov 2020


What is Mejesco Buyback Price?
The company has fixed the price at ₹845

How to apply for Majesco Buyback 2020?
As per the record date you need to have Mejesco shares in your demat account. You can participate in buyback after having the stock in your account.

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