Majesco concludes 2019 rights offering
27th Feb 2019

Majesco has concluded rights offering of 6,123,463 shares of Majesco’s common stock, resulting in gross proceeds to the company of approximately $43.5 million. Preliminary results indicate that Majesco received total subscriptions of approximately $45.4 million (including over-subscription requests). Approximately 79% of the shares to be issued were subscribed for in the basic subscription. The over-subscription requests exceeded the over-subscription shares available. The new shares of common stock will be issued on or about February 28, 2019.

Earlier, Majesco had issued one right for each share of common stock to shareholders of record as of February 5, 2019. Holders of the rights were entitled to purchase shares of common stock by submitting six rights and $7.10 for each share to be purchased.

Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.