Majesco on Tuesday announced that its board has approved payment of an interim dividend of Rs 974 per equity share for the financial year 2020-21. The smallcap insurance technology firm has fixed December 25 as record date.
Reacting on the development, shares of the company traded 1.53 per cent higher at Rs 988 at around 9.46 am (IST), while the benchmark BSE Sensex traded 0.44 per cent down at 46,049.
“We wish to inform that the Board of Directors of Majesco Limited at its meeting held today i.e. December 15, 2020, 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,” the company said in a release.
This interim dividend payout translates to an amount of Rs 2,788.4 crore on a shareholder base of 28.577 million shares.
The balance cash reserves estimated at Rs 103 crore will be distributed subject to board and regulatory approvals, the company said.
In another development, the company on Sunday informed bourses that it has allotted 44,250 fully paid-up equity shares of face value of Rs 5 each to employees, who exercised their vested options under the company's employee stock option scheme. “Resultantly, the paid-up share capital of the company stands increased to 3,01,96,277 equity shares amounting in aggregate to Rs. 15,09,81,385,” Majesco said.
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