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.