Mastek drops after turning ex-demerger

Mastek dropped 66.01% to Rs 148 at 15:25 IST on BSE after the stock turned ex-demerger of its insurance business today, 12 June 2015.

Meanwhile, the S&P BSE Sensex was up 48.32 points or 0.18% at 26,426.86.

On BSE, so far 1.24 lakh shares were traded in the counter, compared with an average volume of 1.27 lakh shares in the past one quarter.

Shares of software solution company hit a high of Rs 150.90 and a low of Rs 142.50, so far during the day.

Mastek said on 4 June 2015, that the 15 June 2015, has been fixed as the record date for the purpose of determining the members of Mastek to whom shares of the Minefields Computers will be allotted in the ratio of 1:1 pursuant to Part II of the Scheme of Arrangement.

The scheme of arrangement involves demerger of insurance products and service business of Mastek into Minefields Computers, followed by slump sale of Offshore Insurance Operations by Minefields Computers (MCPL) to Majesco Software and Solutions (MSSIPL). MCPL will be renamed Majesco and will be an independent listed company. Majesco will constitute the insurance products and services business of Mastek.

All the existing shareholders of Mastek would be alloted shares in Majesco in the ration of 1:1.

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