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ICICI Direct Report
Post the completion of sales of Majesco U.S., Majesco India Ltd. has cash of Rs 3,072 crore, implying a of Rs 1,028/share.
The company plans to distribute the same via buyback and dividend.
The company has announced a buyback of 74.7 lakh shares for Rs 845/share amounting to approximately Rs 631 crore (this is post tax figure and pre-tax buyback amounts to approximately Rs 778 crore).
The company plans to distribute remaining approximately Rs 2,295 crore (approximately Rs 1,020 per share if buyback is on proportionate basis) via dividends and aims to distribute the same by December 2020 or January 2021.
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