Aurum Proptech Ltd

Aurum Proptech Ltd

Aurum Proptech Ltd (Earlier known as Majesco Ltd) was incorporated as a Public Limited Company in June 27 2013 founded by the first-generation promoter Mr. Ashish Deora in 1999. The company is involved in the real estate business.Aurum Ventures is a new-age technology driven real estate company including acquisition design development project management property management hospitality sales and leasing. It is presently engaged in development of 7 million square feet of Grade-A Real Estate spaces including Integrated Township Grade A+ Information Technology Special Economic Zone (ITSEZ) residential and retail spaces in Mumbai Metropolitan Region (MMR).The Company delivered landmark and state-of-the-art real estate projects in Mumbai Metropolitan Region. Its flagship project Aurum Q Parc is a premium BFSI office destination in Navi Mumbai with LEED-designed sustainable and environment-friendly office buildings. The buildings are laced with cutting-edge Integrated Building Management Systems. The Singapore-based sovereign fund bought a built-up area of nearly 1.4 million square feet of commercial spaces in 2018 for Rs 930 crores from Aurum. The Company approved the acquisition of 51% stake in Pune-based software technology firm K2V2 for a consideration of Rs. 40 crores. With this acquisition it started its journey in 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. Also it has a portfolio of PropTech products like Sell. Do and Kylas. This investment is in line with Majesco's strategy to bring digital transformation in real estate sector by creating a PropTech ecosystem covering customer digital journeyproperty and asset management development investment and financing of assets.The Company's subsidiary Majesco (USA) entered into a Merger Agreement on January 30 2020 for acquisition of InsPro Technologies Corporation (Inspro) a U.S. based software leader in the life and annuity insurance market. In consideration for the merger Majesco agreed to pay the sellers USD 12 million subject to adjustments upon the closing of transaction. The transaction is structured as a cash for stock merger and subject to customary closing conditions and approval of InsPro Technologies' stockholders. The transaction consummated on April 01 2020 and purchase consideration of approx. Rs 8669 lakhs was paid. Upon the closing of merger InsPro became a direct wholly-owned subsidiary of Majesco (USA) and a step-down subsidiary of the Company. The Board of Directors of the holding company at its meeting held on October 8 2020 approved a proposal to buyback of upto 7470540 fully paid up equity shares of face value of Rs 5 per share of the holding company for an aggregate amount not exceeding Rs 63126 lakhs being 24.78% of the total paid up equity share capital at Rs 845 per equity share which was approved by the shareholders on November 2 2020 by means of a Special Resolution in Extra Ordinary General Meeting. A Letter of Offer was made to all eligible shareholders. The holding company bought back 1574088 equity shares out of the shares that were tendered by eligible shareholders paid Rs 13301 lakhs to the shareholders and extinguished the equity shares on December 23 2020. In addition the holding company paid Rs 3084 lakhs as buyback tax and Rs 558 lakhs for expenses related to buyback. All the payment has been adjusted against the securities premium account. Capital redemption reserve of Rs 79 lakhs was created to the extent of face value of share capital extinguished.During the year 2021 the Company had sold entire stake / investment of InsurTech business in US-based subsidiary Thoma Brqavo and the process was consummated on 21 September 2020. Accordingly operation of US Subsidiary has been considered till September 21 2020 as discontinued operations. On March 21 2021 Aurum a Mumbai based Real Estate Group signed a share purchase agreement with erstwhile Promoters to acquire the 14.78% promoter stake in Majesco Limited through its subsidiary Aurum Platz IT Private Limited for Rs 32.58 Crores at Rs 77 per share. Aurum made an open offer bought another 20.26% of Majesco Limited from its public shareholders for Rs 67 crores. This development came after Thoma Bravo (PE firm) acquired Majesco's Nasdaq-listed Subsidiary in September 2020 in a deal that valued the cloud insurance software provider around USD 729 million. Majesco Limited received Rs 3777.68 (USD 514 million) from the sale of its US subsidiary. Pursuant to the mandatory open offer the control of Majesco Limited is now with the Aurum Group.