Mastek dropped 2.24% to Rs 255 at 11:30 IST on BSE even as the company said it has acquired 100% stake in Systems Task Group International, New York, in an all cash deal for $29 million through its wholly owned US subsidiary MajescoMastek.
The company made this announcement before trading hours today,
On BSE, 825 shares were traded in the counter. The scrip had an average daily volume of 22,230 shares in the past one quarter.
The stock hit a high of Rs 266 and a low of Rs 252 far during the day. The stock had a 52-week high of Rs 419 on
The small-cap scrip had outperformed the market over the past one month till
The company’s current equity is Rs 14.26 crore. Face value per share is Rs 5.
The current price of Rs 255 discounts Q2 December 2007 annualized EPS of Rs 26.27 by a PE multiple of 9.71.
Systems Task Group (STG) International is an Internet protocol (IP) based enterprise solutions provider to the North American property & casualty (P&C) insurance industry. STG reported revenues of $17 million and earnings before interest, tax, depreciation and amortization (EBITDA) of $1.73 million in the financial year ended
Mastek will be acquiring a 100% equity stake in STG International in an all-cash transaction for $29 million, with 85% of the total consideration payable now and the remaining to be linked to ongoing performance and paid by way of earn-outs. The acquisition is being funded through internal accruals and bank borrowings, Mastek said.
Mastek’s net profit rose 10.44% to Rs 18.72 crore on 2.13% fall in net sales to Rs 137.19 in Q2 December 2007 over Q1 September 2007.
Mastek is an IT player with global operations providing enterprise solutions to insurance, government, and financial services organizations worldwide.
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