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Stock Report
Mastek Ltd to acquire CCPS of Trans American Information Systems Pvt Ltd
Posted On : 2021-12-18 12:34:22( TIMEZONE : IST )
The Board of Directors of Mastek Ltd at its meeting held on December 17, 2021 have resolved to acquire 44,174 CCPS of Trans American Information Systems Private Limited ("TAISPL" or "Mastek Subsidiary") constituting 29.45% of the preference shareholding of TAISPL from certain major Shareholders of TAISPL and Employees & Associates of TAISPL for aggregate purchase consideration of Rs. 218.51 Crores which will be discharged as follows: (i) Rs. 137.14 Crores aggregate share purchase consideration to be paid in cash; and (ii) Rs. 81.37 Crores aggregate share purchase consideration to be discharged by issue and allotment of fully paid up Equity Shares of the Company on a private placement basis.
The board also approved issue, offer and allotment of 254,755 Equity Shares of face value of Rs. 5 each fully paid up, on private placement basis, to the below mentioned 'Proposed Allottees' at a price of Rs. 3,194 per Equity Share (including premium of Rs. 3,189 per share), aggregating to Rs. 81.37 Crores which offer / issue price is in accordance with the applicable provisions of the SEBI Regulations, 2018.
The allottees include Ms. Manorama Jagdishchandra Kothari, Mr. Jagdishchandra Ramrai Kothari, Ms. Madhu Devi Nahata, Ms. Taniya Nahata, Mr. Umang Nahata, Mr. Ummed Singh Nahata, Mr. Rakesh Raman and Mr. Yashodhar Bhinde.
Further, the said private placement shall be subject to approval of the Members of the Company which is proposed to be sought through Postal Ballot by way of 'Remote e-Voting' in terms of the applicable Circulars issued by Ministry of Corporate Affairs.
The Board of Directors resolved to acquire 5826 CCPS of Trans American Information Systems Private Limited ("TAISPL" or "Mastek Subsidiary") constituting 3.88% of the preference shareholding of TAISPL for cash.
Shares of Mastek Limited was last trading in BSE at Rs. 2741.65 as compared to the previous close of Rs. 2705.05. The total number of shares traded during the day was 4469 in over 966 trades.
The stock hit an intraday high of Rs. 2808.80 and intraday low of 2702.00. The net turnover during the day was Rs. 12389448.00.
