Shares of Majesco hit the upper circuit as they traded ex-dividend on Wednesday, and were up nearly 5 per cent from the adjusted previous close.
At 9:31 am, Majesco shares were up 4.72 per cent at Rs 12.20, from the adjusted previous close of Rs 11.65.
Meanwhile, stock exchanges have said that if the stock price goes below the face value ex-dividend, the face value are going to be the market value . The new rule was brought in after Majesco on December 15 announced a record dividend of Rs 974 per share.
The dividend was slightly above the small-sized technology company’s December 14 price of Rs 972. The high dividend payout followed the sale folks arm — which accounted for the majority of its revenues and profits — to non-public equity firm Thoma Bravo earlier this year.
Since the dividend announcement, the stock has been widely traded, and has also witnessed a series of bulk deals. within the latest such deal.