Aurum PropTech rises on getting nod to acquire additional equity shares of K2V2
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Aurum Proptech is currently trading at Rs. 227.00, up by 2.00 points or 0.89% from its previous closing of Rs. 225.00 on the BSE.
The scrip opened at Rs. 229.00 and has touched a high and low of Rs. 229.00 and Rs. 221.50 respectively. So far 676 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 5 has touched a 52 week high of Rs. 250.00 on 20-Aug-2024 and a 52 week low of Rs. 117.15 on 26-Oct-2023.
Last one week high and low of the scrip stood at Rs. 234.00 and Rs. 216.75 respectively. The current market cap of the company is Rs. 1602.10 crore.
The promoters holding in the company stood at 49.96%, while Non-Institutions held 50.04% stake in the company.
Aurum PropTech has received approval from board for strategic realignment of its material subsidiary K2V2 Technologies (K2V2) to enhance focus on its core technology offerings and leverage its established scale. Consequent to the same, the following transactional agreements were entered on September 12, 2024.
The Board has approved the acquisition of additional equity shares of K2V2. After this acquisition, the Company will hold 83.6% of K2V2, up from the current 44% stake. The Company as a shareholder has also entered into Asset Purchase Agreements for the sale of business units ‘Beyond Walls’ and ‘Kylas’ of K2V2.
K2V2 is a leading PropTech business and provides enterprise tech through its flagship product Sell.do to 650+ developers. K2V2 recorded a turnover of Rs 53 crore in 2024. Sell.do offers a combination of Gen AI and CRM that enhances efficiency across functional domains of marketing, sales, commerce, service, and customer success, therefore enabling a better connection between brands and customers. It leverages technology and data to streamline property search, scheduling visits, rent payments and service requests.
This realignment is part of the strategic objective of the Company to consolidate and dominate the distribution vertical. It will create a tech-focused distribution cluster offering improved profitability and a better working capital management cycle.
The transaction is expected to be completed before September 30, 2024, contingent upon the fulfillment of certain conditions. The transaction falls within the ambit of related party transactions and is at arms’ length. None of the Company’s promoter/ promoter group/ group companies have any interest in the entities involved in the transaction.
Aurum PropTech is Software Technology and Services company with its headquarters at Navi Mumbai, India. The company was founded in 2015 as an Insurance Tech company and was formerly known as Majesco.
