Majesco, which had closed yesterday at Rs.973.60, opened itself at Rs.1019, hitting a new all-time high. It has come off this high now and is trading at Rs.985 levels.
The stock price hit this high after it announced today morning that the Board has approved an interim dividend of Rs.974/share on Rs.5 face value for FY21. This is a huge, generous interim dividend, working out to 19,480%.
The payout translates to an amount of Rs. 2788 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 had announced a Rs.630 crore share buyback in Oct, which is about 25% of the floating shares at a price of Rs.845.