Majesco Declares Dividend Of Rs 974 Per Share, Shares Rise Over 2%

Mumbai-based information technology company Majesco on Tuesday approved a provisional dividend of 974 rupees per share of face value of 5 rupees each for the financial year 2020-21. The interim dividend approved by Majesco’s board is at the rate of 19,480 percent of the company’s face value, Majesco said on a stock exchange. Majesco’s dividend payment translates to an amount of Rs. Rs 2,788.4 crore on a shareholder basis of 28.57 million shares, the company said in an exchange registration.

The balanced monetary reserves valued at Rs. 103 crore will be distributed under the consent of regular and regular approvals, Majesco added.

Majesco will issue a dividend on December 23 and a record date for a dividend has been set for December 25. Earliest Dividend Payment will be made on December 30, Majesco said in an investor presentation.

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Majesco in July this year approved a sale of all of its shares in a U.S. subsidiary to private equity firm Thoma Bravo. Majesco provides insurance software solutions.

Since the 13th hour and 19 minutes, Majesco shares have traded 2% higher at 993 rupees, surpassing the Sensex, which has declined by 0.2%.

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