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 will be the market price. The new rule was brought in after Majesco on December 15 announced a record dividend of Rs 974 per share.
The dividend was slightly higher than the small-sized technology company’s December 14 closing price of Rs 972. The high dividend payout followed the sale of US arm — which accounted for the bulk of its revenues and profits — to private 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. In the latest such deal, Atul Ltd bought 2,14,000 shares of Majesco through a bulk deal on Tuesday