Mastek sells its partial stake in Majesco to drive growth strategy

Mastek announced that it had confirmed the partial sale of its legacy holding in Majesco USA. An initial lot of 20,00,000 shares were sold for USD 15.94 million and the remaining 30,44,875 shares are intended to be sold in future.

Reacting to the news, Mastek Group CEO, John Owen said that as part of the company's 'Vision 2020 strategy', the company will divest non-core assets and use the proceeds to accelerate the core business plan to deliver improved performance and execute its strategic goals.

Mastek Limited (Mastek) is an Information Technology (IT) solutions provider. The company and its subsidiaries are providers of vertically focussed enterprise technology solutions. Its portfolio includes business and technology services, which consists of IT consulting, application development, systems integration, application management outsourcing, testing, data warehousing, business intelligence, application security, customer relationship management (CRM) services and legacy modernization. The company specialises in developing, maintaining and managing digital solutions for its clients in government, health, retail and financial services. Along with carrying out its operations in the United Kingdom and India, the company also has its offshore software development centers in India at Mumbai, Pune, Chennai and Mahape.

At 2:00 pm on Friday, the stock was trading at Rs 381, up by 6.35 per cent or Rs 22.75 per share. The 52-week high was recorded at Rs 508.50 and the 52-week low was recorded at Rs 295.