Sundaram BNP Paribas Simple Fund has bought nearly 200,000 shares of Mastek through open market. The fund house has bought 197,747 shares of the company at Rs 309.98 on the NSE.
Recently, Majesco (formerly known as Majesco Mastek) the Insurance arm and a wholly owned subsidiary of Mastek, has entered into a definitive merger agreement with Cover-All Technologies, an insurance software company based in Morristown, NJ, in a 100% stock-for-stock transaction, pursuant to which Cover-All’s stockholders and the holders of its options and restricted stock units, in the aggregate, will, upon the closing of the merger, receive 16.5% of the outstanding shares of common stock of the combined company, on a fully diluted basis. The combined entity will retain the ‘Majesco’ brand globally.
Mastek is a high-end provider of vertically-focused enterprise technology solutions and platforms that unleash the optimum potential of its clients' business. Its vertical focus includes insurance (Life, Pensions and General), Government/Public Sector, and Financial Services sectors.
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