Today Majesco share price: Board approves whopping around 20,000% dividend at Rs 974 per share

Today Majesco share price: Board approves whopping around 20,000% dividend at Rs 974 per share

Today’s Majesco share price: The Board of Directors of Majesco Limited at its meeting held today has approved payment of interim dividend at the speed of 19,480% i.e. Rs 974 per equity share of face value of Rs 5 each for the fiscal 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 are going to be distributed subject to board and regulatory approvals. Majesco is that the tech service provider for insurance firm in India.

What happened in Majesco Presentation

The approval of Majesco Interim Dividend was announced today, the ex-dividend date would get on 23rd December, record date of dividend are going to be on 25th December and therefore the earliest dividend payout would get on 30th December. the amount 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 gigantic rise  of Majesco share price

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

Future of Majesco:

As a primary step distribution of balance cash of Rs 103 cr to the shareholder base of 28.577 mn are going to be administered as expeditiously as possible subject to board and regulatory approvals. Monetisation of Majesco land – this might take longer i.e. over a year and counting on land market conditions. Post monetisation of land , Majesco will decide the simplest method for distribution of sale proceeds to shareholders.

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