BackMastek to list US subsidiary Majesco on NYSE
The transaction is expected to close in the second quarter of 2015
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Mumbai: Software services company Mastek Ltd will list is US subsidiary Majesco USA, which was earlier known as MajescoMastek, on the New York Stock Exchange, the Indian firm told the BSE in a statement on Friday.
Majesco USA has filed an application with the US’ Securities and Exchange Commission to merge Cover-All Technologies Inc. with itself and list Majesco USA in New York, the local firm said in its statement.
On 15 December, Mastek had announced that Majesco Inc. had entered into an merger agreement with US-based insurance software firm Cover-All Technologies in a 100% all-stock transaction.
At that time, Mastek had said the combined entity will retain the Majesco brand globally, and once the merger is closed, Cover-All’s stockholders and holders of its options and restricted stock units will receive 16.5% of the outstanding shares of the common stock of the combined company.
“The transaction is expected to close in the second quarter of 2015, after which Majesco will be listed on the New York Stock Exchange," the company said in its 15 December statement.
On Friday, shares of Mastek gained 8.12% at ₹ 427.20, while the benchmark Sensex lost 0.78% to close at 29.231.41 points.
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