Mastek to raise Rs150cr for acquisitions

Mastek to raise Rs150cr for acquisitions

Mumbai: Software services firm Mastek Ltd plans to raise Rs150 crore for acquisitions overseas, a senior company official said on Thursday.

“It is an enabling resolution so that we are ready to raise the funds when we finalise the deal," Group Chief Financial Officer and Director Finance, R.S. Desikan told Reuters. The board approved the fund raising plans earlier in the day.

The funds could be raised either through an issue of overseas convertible bonds, external commercial borrowings or other means, he said.

“We will be deciding on it later," he added.

Some portion of the funds is likely to be raised during the current financial year, by which time one or two acquisitions are also expected to be finalised.

“We are at different stages of negotiations," Desikan said.

Shares in the company were trading at Rs281.15 after climbing to a high of Rs285.05 in intra-day deals in the Mumbai market.