Capital Group's arm sells 5% stake in IT firm Mastek for Rs 475 crore

Financial services company Capital Group on Wednesday sold a 5.6 per cent stake in Mastek for over Rs 475 crore through open market transactions while ICICI Prudential Mutual Fund picked up a stake in the IT services company.

Los Angeles-headquartered Capital Group through its affiliate EuroPacific Growth Fund offloaded 17,19,117 shares, amounting to a 5.6 per cent stake in Mastek Ltd, as per the bulk deal data available on the BSE.

The shares were disposed of at an average price of Rs 2,766.36 apiece, taking the transaction value to Rs 475.57 crore.

Patronus Tradetech also sold 217 shares of Mastek at Rs 2,845.23 per piece.

ICICI Prudential Mutual Fund, Ghisallo Master Fund LP and Patronus Tradetech LLP acquired a total of 12.34 lakh shares of Mastek in the price range varying from Rs 2,751-2,767.51 apiece, taking the combined transaction value to Rs 340.40 crore.

Details of the buyers of Mastek's shares could not be identified.

Shares of Mastek declined 4.67 per cent to end at Rs 2,769.70 apiece on the BSE.

Last week, Mastek announced a strategic partnership with Onyx Health, an innovator in healthcare interoperability solutions.

The collaboration aims to expedite the adoption of FHIR (Fast Healthcare Interoperability Resources) standards, driving enhanced data interoperability and better health outcomes for patients, the company said.