Mumbai-based information technology company Majesco on Tuesday approved an interim dividend of Rs 974 per equity share of face value of Rs 5 each for the financial year 2020-21.

The interim dividend approved by Majesco board is at the rate of 19,480 per cent of the face value of the company, Majesco said in a stock exchange filing.

Majesco's dividend payment translates to an amount of Rs.

2,788.4 crore on a shareholder base of 28.57 million shares, the company said in an exchange filing.The balance cash reserves estimated at Rs.

103 crore will be distributed subject to board and regulatory approvals, Majesco added.Majesco will go ex-dividend on December 23 and record date for dividend has been fixed at December 25.

Earliest Dividend Payout will be done on December 30, Majesco said in an investor presentation.Majesco in July this year approved sale of its entire stake in US subsidiary to private equity firm Thoma Bravo.

Majesco provides insurance software solutions.As of 1:19 pm, Majesco shares traded 2 per cent higher at Rs 993, outperforming the Sensex which was down 0.2 per cent.