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Majesco board approves interim dividend payment for FY 2020-21 December 15 2020Majesco, Insurance Technology, Share market,NSE

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Mumbai Based Insurance Technology firm Majesco declared payment of interim dividend of Rs974 per equity share on Tuesday for the financial year 2020-2021. These shares carry a face value of Rs5 each. At around 9.46 a.m. (IST), the company''s shares traded 1.53% higher at Rs 988, while the benchmark BSE Sensex traded 0.44% lower at 46.049.

The interim dividend approved by the Majesco Board shall be at the rate of 19,480 percent of the company''s nominal value, Majesco reported in the stock exchange filing.

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The dividend to be paid by Majesco amounts to 2,788.4 crore entitled on a shareholder base of 28.57 million shares. The balance of cash reserves after the payment of dividend is valued at 103crore which will be allocated as subject to board approvals and regulatory approvals.

The share has increased by 149.23 per cent in one year and by 161.35 percent since the beginning of this year. In a month, the stock has risen 7.75 percent. The company''s market cap rose to Rs 2,995.75 crore.

The interim dividend at Board meeting was approved on 15th December, the Ex-dividend date is allocated on 23th December, record date for dividend is decided as 25th December and the earliest pay-out of the dividend is expected on 30th December.

On Sunday, the company told the stock exchanges that it had allocated 44,250 fully paid-up shares of the face value of Rs 5 each to employees who had exercised their rights under the employee share option scheme (ESOS) of the company. As a result, the paid-up share capital of the firm has risen to 3,01,96,277 with equity shareholdings totalling to Rs.15,09,81,385.

Apart from the payment announcements, technology hub also experienced all time high on the stock exchange. 

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