Mastek arm sells partial stake in Majesco USA to drive growth

NEW DELHI: IT firm MastekNSE 0.71 % on Thursday said that its arm Mastek UK has sold partial stake in Majesco USA for a cash consideration of USD 1.59 million (about Rs 11.3 crore).

“Mastek UK (material wholly-owned subsidiary of Mastek) intimated us about sale of its partial holding of 2,02,183 shares in MajescoNSE 0.84 % USA for cash consideration of USD 1.59 million, in the open market on NASDAQ on January 8, 2020,” the IT firm said in a filing to BSE.

This will help Mastek UK to drive its growth strategy, the company said.

“After the completion of the aforesaid partial shares sale, stake of Mastek UK in Majesco USA will stand reduced to 20,18,192 shares from existing 22,20,375 shares,” it said.