Majesco board approves share buyback plan, stock dips

The board of directors at insurance technology solutions provider Majesco on Thursday approved the proposal to buyback up to 74.7 lakh fully paid equity shares of Rs 5 each at a price of Rs 845 per equity share.

The board of directors at insurance technology solutions provider Majesco on Thursday approved the proposal to buyback up to 74.7 lakh fully paid equity shares of Rs 5 each at a price of Rs 845 per equity share. This will comprise 25 per cent of total paid-up capital of the company. The buyback offer will not exceed an aggregate amount of Rs 631.26 crore, Majesco said in regulatory filings at stock exchanges.

The buyback is subject to approval of members by means of a special resolution. In August, the company's US arm signed an amended agreement to sell Majesco US to private equity firm Thoma Bravo.

Majesco India holds 74.07 per cent stake in Majesco US. Majesco US' board of directors has unanimously approved the merger and recommended that shareholders approve the same. At 10:40 am, Majesco stock was trading 3 per cent lower on BSE at Rs 821 per unit. (ANI)