Mastek Ltd.

Mastek has decided to demerge its Insurance Products and Services Business into a separate listed company. The Board of Directors of the Company at its meeting held on September 15, 2014, has approved the demerger of the Insurance Products and Services business of Mastek into Minefields Computers, to be renamed as Majesco followed by transfer of the offshore insurance operations (Offshore Insurance) by Majesco to Majesco Software and Solutions India (MSS India), a wholly owned subsidiary of Majesco Mastek Insurance Software and Solutions Inc (MM ISS) (Proposed Restructuring) in terms of a Scheme of Arrangement under Sections 391-394 of the Companies Act, 1956 (Scheme).

The Scheme of Arrangement will be subject to various statutory approvals, including those from the shareholders and the lenders / creditors of Mastek. Mastek shareholders will get one equity share of Majesco for every equity share held in Mastek, in addition to their existing Mastek shares. Majesco is proposed to be listed on the BSE and the NSE, being exchanges where Mastek is currently listed.

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.