Majesco declares interim dividend of Rs 974 per share after sale of US arm

Majesco has also launched a Rs 631-crore share buyback programme

Majesco on Tuesday declared an interim dividend of Rs 974 per share. The dividend was slightly higher than the small-sized technology company’s previous day’s closing price of Rs 972. The high dividend payout follows the sale of US arm — which accounted for the bulk of its revenues and profits — to private equity firm Thoma Bravo earlier this year.

The stock ended at Rs 982 per share, or 1.05 per cent up, after touching a record high of Rs 1,010 intraday. Market observers said wealthy shareholders could have cashed out to avoid high tax outgo on dividends. “This interim dividend