Mastek UK arm offloads entire stake in Majesco (USA)

Mastek said its UK subsidiary has sold its entire stake in Majesco's US subsidiary for $32.30 million.

Mastek (UK), a material wholly-owned subsidiary of Mastek, which held 20,18,192 stocks in Majesco (USA), has tendered its entire stake with the acquirer of Majesco (USA) for cash, and has received the consideration aggregating to $32.30 million on 19 October 2020.

The said amount will help Mastek (UK) to drive its growth strategy and reduce the borrowings, the company said in a statement issued after market hours yesterday, 20 October 2020.

Mastek's consolidated net profit surged 19.61% to Rs 46.58 crore on 14.67% increase in net sales to Rs 386.06 crore in Q1 June 2020 over Q4 March 2020.

Mastek is a publicly held leading IT player with global operations providing enterprise solutions to government, retail and financial services organizations worldwide.

Shares of Mastek fell 0.91% to Rs 800. The scrip has spurted 370.44% from its 52-week low of Rs 170.05 hit on 27 March 2020.

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