Majesco has entered into a share purchase agreement with Mastek (UK) on December 12, 2019, for acquisition of 20 lakh shares of Majesco (USA), a material subsidiary of the Company (SPA). In consideration for purchase of the shares, the Company will pay the Seller $15.94 million, based on closing stock price of Majesco (USA) on the NASDAQ on December 11, 2019.
Accordingly, after the completion of the aforesaid purchase, stake of the Company in its material subsidiary i.e. Majesco (USA), will increase to 74.6% from existing 69.9%.
Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.