Majesco: A whopping dividend

Majesco: A whopping dividend

Majesco share price gained 1.8% to trade at Rs 989 apiece on NSE following it’s decision to announce a hefty interim dividend.
The Board of Directors of Majesco at its meeting held on Monday has approved payment of interim dividend at the rate of 19,480% i.e. Rs 974 per equity share of face value of Rs 5 each for the financial year 2020-21.
This Majesco interim dividend payout translates to an amount of Rs 2788 crore on a shareholder base of 28.577 mn shares. The balance cash reserves estimated at Rs 103 crore will be distributed subject to board and regulatory approvals.

The ex-dividend date would be on 23rd December, record date of dividend will be on 25th December and the earliest dividend payout would be on 30th December. The number of days from the announcement by Majesco of Payout is 15 days.
Last month, Majesco announced a share buyback plan of up to Rs 631.26 crore.
The buyback, representing 24.78% of the total paid-up capital, opened on November 27 and closed on December 11.
Majesco is the tech service provider for Insurance Company in India.

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