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Majesco reveals more details related to rights offering

Majesco will distribute to its common shareholders nontransferrable subscription rights to purchase up to 6,392,797 common shares under its planned rights offering.

At a cash subscription price of  $7.10 per share, net proceeds from the offering are expected to be about $45.3 million if all of the subscription rights offered are exercised, according to an amended S-1 filing.

Each subscription right will entitle the holder to purchase one-sixth of a company's common share. The company earlier announced that the record date for the offering will be Jan. 7.

Net proceeds will be used to reimburse debt, fund future acquisitions and for general corporate purposes, including funding any earnout payments under the Exaxe acquisition, the company said.