This Software Company Is Giving 19,480% Dividend To All Investors! Rs 974/Share At Rs 5 Face Value
In one of the biggest instances of rolling out dividends, this software firm is giving massive 19,480% dividend to all shareholders.
Investors who bought the shares at Rs 5 face value, are getting a dividend of Rs 974, per equity share.
This is whooping 19,480% dividend!
How did this happen? And why?
Keep reading to find out more..
Majesco Is Offering 19,480% Dividend To All Shareholders
Stock market analysts, and investors were shocked, when they find out that a company named Majesco is rolling out 19,480% dividend to all shareholders.
Investors who bought Majesco’s shares at Rs 5 face value will get Rs 974/share as dividend.
Overall, then company will spend Rs 2,788.4 crore for giving out the almost 20,000% dividend to all shareholders, who own 28.577 million shares.
The company said, “The balance cash reserves estimated at ?103 crore will be distributed subject to board and regulatory approvals,”.
What’s The Reason?
Majesco is an IT services provider, and they have witnessed a massive increase in net profits, compared to last year.
This can be one of the reasons why they are rewarding all stakeholders with his generous dividend.
Last year, Majesco reported net profits of only Rs 16.79 crore, which has now increased to Rs 2,376 crore.
The company provides technology, expertise, and leadership support to insurers, and has announced Decemebr 25th as the date for rolling out the dividends.
We will keep you updated, as more details come in.