25 May, 2022

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

Promoters stake in Aurum PropTech NSE 0.61 % Ltd, formerly known as Majesco Ltd NSE 0.61 %, rose to 50.34% from 35.04% following the closure of its Rs 343.55 crore rights issue, the company said in a regulatory filing

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

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

Grexter Living uses technology platform TheHouseMonk, which is a product of Aurum PropTech Group Company.

According to him, 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.

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.

Since the ( and Monk Tech Labs (TheHouseMonk). It has also invested in Integrow Asset Management Pvt. Ltd, an asset management company.

In February, Aurum PropTech approved acquisition of 53% equity stake in Bangalore-based co-living company Grexter Housing Solutions for Rs 27 crore.

Globally and in India, real estate consumption has transformed with millennial behavioural pattern and growth of IT-ITES industry. Conventional challenges faced by both owner and the tenant are bridged by co-living and co-working companies.

Co-living spaces are ideally suited for working professionals with an age group of 22 years to 30 years. According to all recent research reports, the connected living and shared spaces is expected to increase its market share through co-living and co-working.

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