Shares of Majesco hit a fresh record high on Tuesday after the company said it will consider a buyback proposal in the board meeting later this week.

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In a release, Majesco said a meeting of the board of directors of the company is scheduled to be held on October 8, 2020, to consider a proposal for the buyback of fully paid-up equity shares of the company.

Post the announcement, the shares were locked in a 5 percent upper circuit at Rs 858.95 per share on BSE, which was also its new all-time high. The company previously hit an all-time high of Rs 846 on September 24, 2020.

Majesco is the second information technology (IT) firm to announce a share buyback plan after Tata Consultancy Services (TCS).

In August 2020, the company's US arm signed an amended agreement to sell Majesco US to private equity firm Thoma Bravo. Majesco India holds a 74.07 percent stake in the US entity, Majesco US. Majesco US' board of directors unanimously approved the merger and recommended that shareholders approve the same.

(Edited by : Jomy)