Majesco shares hit a new record high of 1,019 rupees, a 5 percent increase against BSE in Tuesday morning trading after the company said its board approved the payment of interim dividends at a rate of 19,480. per cent, or Rs 974 per share. of face value of Rs 5 each for the 2020-21 financial year.
The company has set Friday December 25, 2020 as a record date to determine the eligibility of shareholders for the payment of provisional dividends. This interim dividend payment translates to an amount of Rs 2,788.4 crore on a shareholder base of 28,577 million shares.
The balance of cash reserves estimated at Rs 103 crore will be distributed subject to regulatory and board approvals, the company said in a BSE presentation.
The company has already announced a buyback of 7.47 million shares for Rs 845 per share amounting to around Rs 631 crore (excluding transaction cost), which was closed on Friday, December 11, 2020.
Regarding future real estate monetization plans, the administration said this could take longer, that is, more than a year and depending on real estate market conditions. After monetizing the real estate, the company will decide the best method to distribute the proceeds from the sale to shareholders, he said.
In July of this year, Majesco, the global leader in cloud insurance software solutions for insurance business transformation, signed a definitive agreement to be acquired by Thoma Bravo, LP, a leading private equity firm focused on the sectors of software and technology services. in a transaction that values the company at $ 594 million. Majesco India has a 74.07% stake in the US entity, Majesco US.
By 10:43 a.m., the stock had cut its morning profit and was trading 2 percent higher at Rs 994 on the BSE, compared with a 0.77 percent drop on the S&P BSE Sensex. Trading volumes over the counter quadrupled with a combined 4.5 million shares changing hands on NSE and BSE.
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