Enterprise digital and cloud transformation specialist firm Mastek will be raising ₹81.37 crore via private placement of shares. The board of Directors have approved issue, offer and allotment of 2,54,755 equity shares of face value of ₹5 each to the eight allottees at ₹3,194 per equity share.
The proposed investors are: Manorama Jagdishchandra Kothari, Jagdishchandra Ramrai Kothari, Madhu Devi Nahata, Taniya Nahata, Umang Nahata, Ummed Singh Nahata, Rakesh Raman and Yashodhar Bhinde, Mastek said in an exchange filing.
Corporate guarantee
The board also approved to provide two corporate guarantees for better financial support on behalf of Mastek Arabia – FZ LLC, step-down subsidiary of the company, to enable it to avail the necessary bank facilities.
The company will be providing corporate guarantee to bank up to $3 million or its equivalent currency, for availing maximum of $3 million towards proposed performance guarantee, bid bonds, advance payment guarantees and such similar guarantees, as per the filing.
The company will also be providing corporate guarantee to another bank up to $6 million or its equivalent currency, for availing maximum of $4 million towards proposed performance guarantee, bid bonds, advance payment guaranteesand such similar guarantees and a maximum of $2 million for working capital facility, from bank by the said SDS.
Mastek said the board resolved that the Company will acquire 5,826 compulsorily convertible preference shares (CCPS) of Trans American Information Systems (TAISPL or Mastek Subsidiary) constituting 3.88 per cent of the preference shareholding of TAISPL for cash.
Further, the board resolved that the company will acquire 44,174 CCPS of TAISPL constituting 29.45 per cent of the preference shareholding of TAISPL from certain major Shareholders of TAISPL and Employees & Associates of TAISPL for aggregate purchase consideration of ₹218.51 crore.