Shares of Majesco jumped 5 percent to hit an all-time high of Rs 1,019 in the morning trade after the company’s board on Tuesday approved an interim dividend of Rs 974 per equity share.
“The Board of Directors at its meeting held on December 15, 2020, approved payment of an interim dividend at the rate of 19,480 percent i.e. Rs per equity share of the face value of Rs 5 per share the financial year 2020-21,” Majesco Ltd. said in a in a BSE filing.
The company has fixed December 25 as the record date for interim dividend payout and the earliest dividend payout will be on December 30. The interim dividend payout for a shareholding base of 2,85,77,939 shares will be of Rs 2,788.4 crore. The smallcap insurance technology firm said that the balance payout cash reserves is estimated at Rs 103 crore will be distributed subject to board and regulatory approvals.
In another development on Sunday, Majesco informed that it has allotted 44,250 fully paid-up equity shares of face value of Rs 5 each to employees which resulted in the increase in total paid-up equity share of the company to 3,01,96,277 shares worth Rs 15,09,81,385.