Majesco Ltd has cancelled its plan to raise Rs 250 crore through Qualified Institutional Placement (QIP), the company informed the Bombay Stock Exchange on Tuesday.
"Due to the prevailing adverse market conditions, the company has decided not to pursue the proposed capital raising program through a Qualified Institutional Placement until the situation stabilises," said the company in a statement.
Separately, the company also announced a partnership with IBM aimed at accelerating its new insurance services through IBM cloud.
Shares of the company rose 3.96% to Rs 484.05 at the close, while Sensex went up by 0.32% to 28,334.55.
