Mastek experienced a notable upswing of up to 11 percent on December 14, propelled by the US Federal Reserve’s dovish shift that sent IT stocks on an upward trajectory. The optimism surrounding an anticipated macroeconomic rebound and potential interest rate adjustments has prompted analysts to advise investors, especially those with long-term perspectives, to turn their focus toward the IT sector.
At 2:44 pm, the shares were trading 7.09% higher at ₹2,588.00.
A day earlier, the Mastek board, during a meeting, approved the acquisition of 10,811 Compulsorily Convertible Preference Shares (CCPS) of Mastek Enterprise Solutions Private Limited, formerly known as Trans American Information Systems or “Mastek Subsidiary.” Furthermore, the board granted authorization for the acquisition of 39,189 CCPS of MESPL, representing 26.13 percent of preference shareholding, from specific shareholders, employees, and associates of MESPL.
The total acquisition value stands at Rs 90.76 crore, with Rs 52.66 crore to be settled in cash and Rs 38.10 crore to be resolved through the issuance of fully paid-up Equity Shares via a private placement, as outlined in the company’s regulatory filing.
