New Delhi, Dec 15 (IANS): IT company Majesco Ltd on Tuesday has approved payment of interim dividend at the rate of 19,480 per cent i.e. Rs 974 per equity share of face value of Rs 5 each for financial year 2020-21. This is one of the highest dividend payouts seen in recent times.

This interim dividend payout translates to an amount of Rs 2,788.4 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.

Majesco will go ex-dividend on December 23 and record date for dividend has been fixed at December 25. Earliest Dividend Payout will be done on December 30, Majesco said.

Majesco said the interim dividend payout is restricted to the quantum of free reserves as of September 30, ie Rs 2,788.4 crore or Rs 974 per share.

As a first step, distribution of balance cash of Rs 103 crore to the shareholder base of 28.577 million will be carried out as expeditiously as possible subject to board and regulatory approvals.

On monetisation of real estate, it said this could take longer i.e. over a year and depending on real estate market conditions. Post monetisation of real estate, the Company will decide best method for distribution of sale proceeds to shareholders.

The Majesco share price was trading at Rs 982.00, up by Rs 8.40 or 0.86 per cent.