The board of Majesco has approved a tender buyback of shares worth Rs 631.26 crore. The company will be buying back 74.7 lakh shares, around 25 percent of its outstanding equity base.
NSE
The buyback price at Rs 845 per share is tax-free in the hands of shareholders. This is a way to distribute the entire proceeds to shareholders, Farid Kazani, Managing Director of the company said in an interview to CNBC-TV18.
The buyback and the dividend payout will happen more or less simultaneously once the company gets the shareholder and SEBI approval for the buyback.
"The reason why we are doing a share buyback first and a dividend followed immediately is to create an equitable distribution across categories of shareholders that would have different tax regimes," he said.
Watch video to know more about the company's cash position
First Published:Oct 8, 2020 12:53 PM IST
zpostcode
Recruit
weather
mreligion
Yellowpages
sport
constellation
shopping
name
game
directory
literature
Word
tour
furnish
Lottery
tftnews
lyrics
News
digital
car
dir
Edu
Finance
