Aurum PropTech freezes at 20% upper circuit; stock up 70% thus far in Nov

Shares of Aurum PropTech, formerly known as Majesco, were locked in 20 per cent upper circuit at Rs 146.40

Shares of Aurum PropTech, formerly known as Majesco, were locked in the 20 per cent upper circuit, at Rs 146.40, also its fresh 52-week high, on the BSE on Monday amid heavy volumes.

Thus far in the month of November, the stock of the new-age technology-driven real estate company has zoomed 70 per cent, as compared to a 2.3 per cent rise in the S&P BSE Sensex. The counter has seen huge trading volumes with a combined 3.8 million equity shares having changed hands and there were pending buy orders for around 250,000 shares on the NSE and BSE.

On October 31, 2021, Aurum PropTech's board had approved an investment of Rs 25 crore for 49 per cent equity stake in Integrow Asset Management Private Limited (Integrow (integrowamc.com)) that will set pace for convergence of Proptech and Fintech.

Aurum's investment will comprise of equity shares and optionally convertible debentures issued by Integrow, a financial services company that offers investment management and advisory services.

The company said, the investment is in line with Aurum PropTech’s strategy to bring digital transformation in real estate sector by creating an Integrated PropTech Ecosystem covering Customer Digital Journey, Property and Asset Management, Development, Investment and Financing of Assets.

Earlier, in July, 2021, Aurum PropTech had approved the acquisition of 51 per cent stake in Pune-based software technology firm, K2V2 for a consideration of Rs 40 crore. With this acquisition, it has jump started its journey of creating India’s first Real Estate Technology Ecosystem. K2V2 provides Software as a Service (SaaS) products, services and Enterprise Software catering to the real estate industry and holds wide portfolio of PropTech, real estate brokerage and digital marketing product and services.

On March 21, 2021, Aurum, a Mumbai based Real Estate group, signed a definitive share purchase agreement with erstwhile Promoters to acquire the 14.78 per cent promoter stake in Majesco, through its subsidiary Aurum Platz IT Private Limited for Rs 32.58 crore at Rs 77 per share.

Aurum is a new age technology driven real estate company with a track record of value creation in sectors like telecom wireless, renewable energy, residential real estate, mineral exploration, commercial real estate, residential real estate and lifestyle retail. Its experience in technology goes back to 1999 when it was the first company in the country to create a metro area network by laying optic fiber in Mumbai. Since then, the company has successfully invested in multiple sectors and for last decade into real estate.