Mastek to raise Rs 150cr for M&As, expansionBS Reporter / Mumbai September 6, 2007Mumbai-based IT company Mastek proposes to raise close to Rs 150 crore ($30 million) through the issue of overseas convertible bonds, external commercial borrowings or any other securities. The announcement is subject to approval from shareholders.The company plans to use the funds for acquisitions and expansion of their existing subsidiaries. The company is looking for acquisitions in the insurance space and in companies that are addressing the government vertical. "We want to close at least 2-3 deals before the end of this fiscal year. The deal size could be in the range of $10-30 million (around Rs 40-120 crore) and the companies are from the US and European region," said R S Desikan, CFO and director finance, Mastek. He further added: "The acquisition in the insurance space is clearly to plug in some gaps. We have identified some companies with the right product and skills and we are also in talks with some of them." Desikan also feels that in the US markets there is no national players who cater to the government segment and hence makes a good case for acquiring small firms who work closely with regional government bodies. Mastek wants to acquire such firms which will provide them skill and access to the huge e-governance US market. While the company wants to increase its revenue shares from these two region
