From 74.6% to 69.9%
Majesco has entered into a share purchase agreement with Mastek (UK) (the seller) on 12 December 2019, for acquisition of 2,000,000 shares (4.7% stake) of Majesco (USA), a material subsidiary of the company.In consideration for purchase of the shares, the company will pay the seller USD 15.94 million, based on closing stock price of Majesco (USA) on the NASDAQ on 11 December 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%.
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