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Majesco soars as its arm enters into merger agreement with InsPro Technologies

31 Jan 2020 Evaluate

Majesco is currently trading at Rs. 396.00, up by 7.85 points or 2.02% from its previous closing of Rs. 388.15 on the BSE.

The scrip opened at Rs. 396.00 and has touched a high and low of Rs. 399.00 and Rs. 395.95 respectively.

The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 588.40 on 15-Jul-2019 and a 52 week low of Rs. 364.35 on 23-Dec-2019.

Last one week high and low of the scrip stood at Rs. 425.00 and Rs. 378.00 respectively. The current market cap of the company is Rs. 1107.95 crore.

The promoters holding in the company stood at 38.46%, while Institutions and Non-Institutions held 23.14% and 38.40% respectively.

Majesco’s subsidiary company -- Majesco, USA has entered into a merger agreement for a merger with InsPro Technologies Corporation, a US based software leader in the life and annuity insurance market. In consideration for the Merger, Majesco shall pay the sellers $12 million, upon the closing of the transaction.

The company will strengthen and expand Majesco’s domain depth in voluntary, group and worksite benefits markets. Accordingly, upon the closing of the Merger, InsPro will become a direct wholly-owned subsidiary of Majesco, and a step-down subsidiary of the Company.

Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.

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