Mastek, a global IT solutions and services outsourcing provider focusing on insurance, government and financial services verticals has received its board’s approval for the amalgamation of Keystone Solutions with its parent, Mastek.
The entire equity share capital of the transferor company is held by the wholly owned subsidiaries of the transferee company. Therefore, upon the scheme becoming effective, there will be no issue and allotment of shares pursuant to the scheme.
The appointed date of the scheme of amalgamation is July 01, 2011. The Scheme of Amalgamation is subject to the necessary approvals.
Mastek reported net loss after tax of Rs 3.87 crore for the quarter ended March 31, 2011 as compared to net profit after tax of Rs 4.49 crore for the quarter ended March 31, 2010. Its total income for the quarter under review declined by 1.21% at Rs 103.04 crore as compared to its total income of Rs 104.30 crore for the corresponding quarter of the previous year.
