Heavy buying witnessed in this micro-cap marvel; do you own it?
The stock witnessed a massive surge in trading volume, exceeding 10.6 times the average
On Friday, shares of Aurum PropTech soared more than 13.8 per cent, reaching an intraday high of Rs 134.15 apiece on BSE. The stock witnessed a massive surge in trading volume, exceeding 10.6 times the average.
Aurum PropTech, formerly known as Majesco Limited, has given approval for the acquisition of a stake of up to 100 per cent in NestAway Technologies Private Limited (NestAway), a prominent PropTech brand in India. The acquisition is valued at up to Rs 90 crore and was approved during a meeting held on Thursday, June 01, 2023.
Since its establishment in 2015, NestAway has revolutionized the residential rental market in India by utilizing technology and data to offer homeowners and tenants a seamless rental experience. Acting as an intermediary, NestAway provides a comprehensive solution for every step of the home rental process.
Having garnered a total funding of USD 110 million and a valuation of USD 220 million in 2019, NestAway has received investments from renowned investors including Tiger Global, UC-RNT Fund, Flipkart, Goldman Sachs, and Yuri Milner. In addition to the consideration of Rs 90 crore for the acquisition of the entire share capital, Aurum PropTech will inject Rs 30 crore to ensure the stability of NestAway's business.
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Aurum PropTech Limited aims to bring transparency, trust, and digital transformation to the real estate sector through its Integrated PropTech Ecosystem. This capital infusion reflects Aurum PropTech's strong belief in India's $20-billion rental housing market.
The stock has witnessed positive buying activity as it has surged more than 36 per cent in the past 1 year. Keep a close eye on this trending stock.