Tuesday, Dec 2 — Shares of Mastek Ltd traded higher on Tuesday after a CNBC-TV18 report suggested that the company’s promoters are exploring the sale of about 20% stake in the IT firm. The stock was up 2.69% at Rs 2,250, gaining Rs 59 by 11:06 AM, according to market data.
According to the report, sources indicated that promoters are seeking a premium of up to 25% over the current market price for the proposed stake sale. The discussions are understood to be driven by succession planning and leadership stability.
Promoter holding in Mastek currently stands at around 36%.
The CNBC-TV18 report also noted that strategic or long-only investors are being viewed as potential buyers. Mastek recently appointed Umang Nahata as its CEO, effective January 2025, marking an important leadership transition within the company.
The report highlighted that 65% of Mastek’s revenue comes from the UK and Europe, making the region a key contributor to the company’s business mix.
