Promoters’ stake in Aurum PropTech rises to 50.34% post-rights-issue

The promoters had applied for additional shares from the rights entitlements that were actively traded during the rights issue

FPJ Web DeskUpdated: Thursday, May 26, 2022, 08:54 AM IST
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Ashish Deora, Founder and CEO, Aurum Ventures, said the rights issue proceeds will help further strengthen and provide financial flexibility to Aurum PropTech to capture future growth in line with its strategic plan. /Logo | LinkedIn

Promoters stake in Aurum PropTech Limited (formerly known as Majesco Limited) rose to 50.34 percent from 35.04 percent on the successful closure of the Rs 343.55 crore rights issue, as per the regulatory filing with the stock exchanges.

The promoters had applied for additional shares from the rights entitlements that were actively traded during the rights issue.

Ashish Deora, Founder and Chief Executive Officer of Aurum Ventures, the holding company of Aurum PropTech, that pioneered the PropTech sector in India, said, “This fresh infusion of capital will further institutionalise adoption of technology in real estate sector.”

The rights issue proceeds will help further strengthen and provide financial flexibility to Aurum PropTech to capture future growth in line with its strategic plan, Deora said.

The rights-issue, which was oversubscribed 1.05 times, was priced at Rs 80 per share including a premium of Rs 75 per share, with Rs 20 paid upfront and the remaining payable on calls.

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