Kindly note that the Board of Directors of Majesco Limited (the Company) at its meeting held today i.e. March 16 2019 approved to sell transfer and dispose of as a going concern and on a slump sale basis the Companys India Insurance Products & Services Business together with the use of all the licences permits consents and approvals whatsoever and all related assets (excluding immovable assets) and liabilities pertaining to India Insurance Products & Services Business together with employees to Majesco Software and Solutions India Private Limited a step-down subsidiary of the Company (MSSIPL) for a lump sum consideration of Rs. 2437.45 lakhs (Rupees Two Thousand Four Hundred Thirty Seven lakhs and Forty Five Thousand only) subject to certain adjustments at or after closing as agreed between the Company and MSSIPL subject to the approval of shareholders by means of Postal Ballot.
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