Shares of Majesco traded ex-dividend on Wednesday and were locked in 5% upper circuit at Rs. 12.2 per share on the BSE as against previous close of Rs. 11.65. As per the exchange data, till 11:48 am, a combined 45,800 shares changed hands and there were pending buy orders for 129 million shares.
The company's board of directors at its meeting held on December 15, 2020 approved an interim dividend of Rs. 974 per share, which translates into a dividend yield of 19,480 percent, for the fiscal year 2020-21. And record date for the purpose of payment of interim dividend has been decided as December 25, 2020.
The high dividend payout is the result of the sale of the company's US subsidiary to a private equity firm Thoma Bravo earlier in the year and accounts for the bulk of Majesco's revenues and profits. And on a shareholder base of 28.577 million equity shares, this dividend aggregates to Rs. 2788 crore.
Besides, the company said the remainder cash balance estimated at Rs. 103 crore will be distributed subject to board and other regulatory approvals.