Mastek Limited has confirmed the partial sale of its legacy shareholding in Majesco, USA. An initial 2,000,000 shares were sold for USD 15.94 Mn and the balance of 3,044,875 is intended to be sold in ensuing future. The net proceeds from the sale will be reinvested into the growth of Mastek as part of its committed Vision 2020 strategy.
Mastek Group CEO John Owen commented, "As part of our Vision 2020 strategy, we have consistently stated that Mastek will divest non-core assets and use the proceeds to accelerate our core business plan to be a recognised leader in Enterprise Digital Transformation. Under Vision 2020, the Mastek team has successfully repositioned the Company, delivered improved performance and executed its strategic goals over the past three years. Our decision to sell this legacy shareholding in Majesco and reinvest the proceeds back into Mastek's core business further demonstrates our commitment and confidence to deliver a better return to our shareholders through the continued growth and success of our core business."
Shares of MASTEK LTD. was last trading in BSE at Rs.358.25 as compared to the previous close of Rs. 359.75. The total number of shares traded during the day was 10883 in over 1024 trades.
The stock hit an intraday high of Rs. 365.85 and intraday low of 355.55. The net turnover during the day was Rs. 3917319.