Get App
Last Updated : Mar 18, 2019 11:44 AM IST | Source:

Majesco advances 3% as co decides to sell India insurance products biz

The sale agreement will be entered into on or after April 1, 2019.

  • bselive
  • nselive
Todays L/H

Share price of Majesco advanced 3 percent intraday on March 18 after company board approved to sell its India Insurance Products and Services Business.

The company board in its meeting held on March 16 approved to sell, transfer and dispose of company's India Insurance Products & Services Business to Majesco Software and Solutions India, a step-down subsidiary of the company, for a lump sum consideration of Rs 24.37 crore, company said in regulatory filing.

The turnover of India Insurance Products & Services business for the financial year ended March 31, 2018 was Rs 20 crore and formed 51.83 percent of the total income of the company on standalone basis.


The sale agreement will be entered into on or after April 1, 2019.

The sale/disposal is subject to the approval of the shareholders and other regulatory/ statutory approvals, if any and would be completed on or around May 15, 2019.

At 1105 hours Majesco was quoting at Rs 503.25, up Rs 9.80, or 1.99 percent on the BSE.

For more market news, click here

Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Mar 18, 2019 11:44 am
Follow us on
Available On