The Board of directors of Majesco on Thursday approved the proposal to buyback up to 74.70 lakh shares — 25 per cent of the total paid-up equity capital of the company as on September 30, 2020 — at a price of ₹845 a share, for ₹631.26 crore.
The buyback is proposed to be undertaken from the shareholders of the company on a proportionate basis through the tender-offer route, the company said in a notice to the stock exchanges.
The buyback is subject to approval of the members by means of a special resolution.
The consolidated financials reflect the net profit after tax of the discontinued business — Majesco US — of ₹34.5 crore related to operations for the period until date of divestment, ie, September 21, 2020, it said. Further, it reflects exceptional deal-related expenses incurred by Majesco US (including buyer-related costs), the statement added.
Consolidated revenues stood at ₹5.81 crore (₹5.48 crore). Shares of Majesco closed flat at ₹847.05 on Thursday on BSE.