Aurum Porptech shares hit 20% upper circuit after Porinju Veliyath picks stake in company via bulk deal

Shares of Aurum PropTech erstwhile Majesco hit a 20 per cent upper circuit on Monday to attain a new 52-week high for the second day at Rs 146.40 per share on the BSE in the intraday trade. This was on the back of seasoned investor Porinju V Veliyath picking up a stake in the company on Friday.

As per the bulk deals data, Porinju V. Veliyath, a market expert, has picked up 2,00,000 shares in Aurum PropTech at Rs 110.95 per share on the NSE. A renowned investor Porinju holds as many as 19 stocks in his portfolio with an average investment of over Rs 210 crore, as per trendlyne.com.

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The stock has surged 60 per cent in November as compared to a 1 per cent rise in the S&P BSE Sensex. The scrip grew on the back of high volumes with a combined 3.8 million shares changed hands and there were pending buy orders for around 250,000 shares on the NSE and BSE today.

Aurum is a new-age technology-driven real estate company with services catering to telecom wireless, renewable energy, residential real estate, mineral exploration, commercial real estate, residential real estate, and lifestyle retail sectors.

On March 21, 2021, Aurum had signed a definitive share purchase agreement with former promoters to buy a 14.78 per cent promoter stake in Majesco, through its subsidiary Aurum Platz IT Private Limited for Rs 32.58 crore at Rs 77 per share.

The company with an aim of setting up a convergence of Proptech and Fintech has made an investment of Rs 25 crore for a 49 per cent equity stake in Integrow Asset Management Private Limited (Integrow (integrowamc.com)). The board approved the same on October 31, 2021.

The investment is in line with Aurum PropTech’s strategy to bring digital transformation in the real estate sector by creating an Integrated PropTech Ecosystem covering Customer Digital Journey, Property and Asset Management, Investment and Financing of Assets, the company had said.