Mastek extends rally; gains 20% in 2 days on partial stake sale in Majesco

Mastek (UK), wholly owned subsidiary of the company sold partial stake sale in Majesco to drive growth strategy.

Shares of Mastek moved higher by 14 per cent to Rs 431 on the BSE in the afternoon deals on Monday, ralling 20 per cent in the past two trading days. 

The company, on Friday, said it's wholly owned subsidiary Mastek (UK) has sold partial stake in Majesco to drive growth strategy. The software services provider plans to divest the remaining stake.

“Mastek (UK) off-loaded about 2 million shares in Majesco USA for US $15.94 million and the balance of 3.04 million is intended to be sold in ensuring future,” the company said in a stock-exchange filing.

The net proceeds from the sale