Mastek rose 0.84% to Rs 167.70 at 10:10 IST on BSE after the company said that its overseas step down subsidiary completed the acquisition of TaisTech LLC, USA and Trans American Information Systems Inc.
The announcement was made before market hours today, 13 January 2017.Meanwhile, the BSE Sensex was down 28.62 points, or 0.11%, to 27,218.54.
On the BSE, 15,000 shares were traded in the counter so far, compared with average daily volume of 57,000 shares in the past two weeks. The stock had hit a high of Rs 169.90 and a low of Rs 167 so far during the day. The stock had hit a 52-week high of Rs 185.35 on 19 December 2016. The stock had hit a 52-week low of Rs 104.70 on 17 February 2016.
Mastek said that the closing formalities in relation to the share purchase agreement for acquisition of 100% equity shares of Trans American Information Systems have been completed and consequently, Trans American Information Systems has become a wholly owned subsidiary of the company.
Further the company informed that Digility Inc., U.S., an overseas first level step down subsidiary of the company, has completed the acquisition of TaisTech LLC, USA and Trans American Information Systems Inc. USA. Pursuant to the acquisition, TaisTech LLC, USA and Trans American Information Systems Inc. USA have become wholly owned subsidiaries of Digility Inc., U.S. and consequently, they have also become step down wholly owned overseas subsidiaries of the company.
Digility Inc., the wholly owned subsidiary of Mastek UK, and a step down US based subsidiary of Mastek had announced on 5 January 2017, acquisition of US-based leading digital commerce solution provider, TAISTech.
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Mastek's board of directors on 12 December 2016, had accorded approval for acquiring 100% of the equity shares of Trans American Information Systems Private Limited, an IT consultancy and software services firm, subject to compliance with all applicable laws and requisite approvals, if any. The cost of acquisition was Rs 12.50 crore.
Mastek's consolidated net profit rose 113.7% to Rs 7.65 crore on 3.62% decline in net sales to Rs 124.90 crore in Q2 September 2016 over Q1 June 2016.
Mastek is a publicly held leading IT player with global operations providing enterprise solutions to government, retail and financial services organizations worldwide.
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