Majesco offers to buy back shares worth up to Rs 631.26 crore
Majesco, an IT company that focusses on providing solutions to the insurance industry, announced in its board of directors meeting on Thursday that it has approved the proposal to buyback up to 74,70,540 fully-paid equity shares of Rs 5 each at a price of Rs 845 per share. This purchase will cost the company a total of not exceeding Rs 6,31,26,06,300.
As per the regulatory filing, the buyback plan is subject to the approval of the members by means of a special resolution.
Majesco has delivered good profit growth of 199.17 per cent CAGR over the last five years and the company has been maintaining a healthy dividend payout out of 19.63 per cent.
The stock is up by more than 96.06 per cent in one year. The share price of the company closed at Rs 847.5, down by 0.01 per cent on BSE.