Shares of Majesco hit their 5 per cent upper limit on Monday after its promoter’s 14.78 per cent stake was bought by Aurum Ventures, a real estate firm. Shares of Majesco rose 5 per cent to end at Rs 66.6.
Aurum will pay Rs 77 per share in cash to Majesco’s promoters to acquire their 14.78 per cent stake. It will also launch a mandatory 26 per cent open offer to the public shareholders of Majesco. Last year, Majesco had paid an interim dividend of Rs 974 per share.
The high dividend payout followed the sale of its US arm, which accounted for the bulk of its revenues and profits. Shares of Majesco had dropped to as low as Rs 2 per share after it went ex-dividend.
Source: Business-Standard