The board of the software exporter Majesco has approved an interim dividend of 97 974 per share, which could be one of the largest dividend payments in the history of the Indian stock market. Shareholders will collectively receive US $ 2,788 million in dividend payments.
“The Board of Directors, at its meeting on December 15, 2020, approved the payment of the interim dividend at a rate of 19,480 percent or 974 ₹ per share of the nominal value of 5 ₹ each for the financial year 2020-21,” the company said in a statement. stock exchange deposit. In July, private equity firm Thoma Bravo acquired the American arm Majesco for $ 594 million. Majesco said then that the proceeds from the sale will be distributed to shareholders, as 99% of the proceeds come from the US subsidiary. Majesco owned 74% of this unit.
Majesco started as a US subsidiary of Mastek and in 2014 was separated as a separate entity. Key shareholders of Majesco Limited include Ashank Desai, Sudhakar Ram and Ketan Mehta, who were part of the founding team of Mumbai’s software service provider Mastek. According to shareholders, the promoters own 38.23% of Majesco Limited, a provider of cloud-based insurance software, and the public shareholders, which include financial institutions, represent 61.77% of the total capital. The record date for the dividend is December 25 and the ex-dividend date is December 23. The oldest dividend payment, according to the company, will be on December 30.
In addition, the Majesco Board approved a repurchase of up to 7.47 million shares, representing 25% of the total paid-up capital of the company, on September 30, 2020, at 845 ₹ shares, for an amount not exceeding 631.26 lei . The company’s shares closed at 982 ₹ after reaching the upper circuit by 5% during the one-day transactions. The shares were trading at 401 GBP when the transaction with the USA was announced in July.