Majesco share price today: Board approves whopping 19,480% dividend at Rs 974 per share

Majesco share price today: The Board of Directors of Majesco Limited at its meeting held today 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 cr on a shareholder base of 28.577 mn shares. The balance cash reserves estimated at Rs 103 cr will be distributed subject to board and regulatory approvals. Majesco is the tech service provider for Insurance Company in India.

Details from the Majesco Presentation:

The approval of Majesco Interim Dividend was announced today, 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. Total votes for the buyback constituted 44.6% of the shareholder base. 89.8% of shareholders present voted in favour of the resolution.

The rise and rise of Majesco share price

The Majesco share price today of the company is Rs 989 (up 1.8%) and the 52 week high on the share price is Rs 1010. The Majesco market cap of the company is near Rs 3000 cr. Significantly, Majesco shares have rallied over 160% from the beginning of this year.

Future Plan of Majesco:

As a first step distribution of balance cash of Rs 103 cr to the shareholder base of 28.577 mn will be carried out as expeditiously as possible subject to board and regulatory approvals. Monetisation of Majesco real estate - This could take longer i.e. over a year and depending on real estate market conditions. Post monetisation of real estate, Majesco will decide the best method for distribution of sale proceeds to shareholders.