Deal Closed | Majesco Limited | Buyback of shares

The details of the deal are as under:

Sector: Insurance 

Announcement Date: 08-Oct-2020 

Completion Date: 16-Dec-2020 

Name & Contact Details of Client: Majesco Limited 

Majesco Limited, together with its subsidiaries, provides cloud-based software solutions for the insurance industry in North America, Europe, and internationally. The company offers Property & Casualty Core Suite that provides core system capabilities, including policy, billing, and claims for property and casualty personal, commercial, workers’ compensation, and speciality insurance; and L&A and Group Core Suite insurance software for individual, group, and voluntary benefits insurance 

Deal Description: Khaitan and Co acted as legal advisor to Majesco Limited in relation to buyback of up to 74,70,540 equity shares, representing approximately 24.78% of the Company’s total paid-up equity, through the “tender offer” route, in accordance with applicable SEBI regulations. 

Total Consideration: USD 87.3 million 

Team Members: Sudhir Bassi (Executive Director), Arindam Ghosh (Partner), Abhishek Dadoo (Partner), Shashank Patil (Senior Associate), and Charu Singh (Associate) 

Role of Firm: Acted as legal advisor to Majesco Limited 

Other legal advisors if any with names of Lead Lawyers 

SheppardMullin, legal advisor on US law aspects  

Unique Feature of Transaction: The buyback was part of the Company’s efforts to efficiently distribute proceeds of the sale of its material subsidiary. 

Innovative Feature of the transaction: Due to the specific requirements of the client, the entire buyback transaction, which inter alia required shareholders’ approval, SEBI approval and the approval of the US Securities and Exchange Commission, was completed in just over 2 months. Transactions of this nature typically take 4 to 6 weeks longer.