Mastek to raise Rs 1.5 billion from bonds

Mumbai, Sep 6 (UNI) Software solutions provider Mastek will raise Rs 150 crore through the issue of foreign currency convertible bonds (FCCB) or External Commercial Borrowings (ECB), the company said in a communique to bourses today.

The Company said its director board, which met yesterday, gave approval for the capital raising while the approval of shareholders will be sought in the next annual general meeting.

Funds raised will be pumped in for general corporate expansion purposes and to fund overseas acquisitions.

Mastek is a global software solutions and integration services provider that designs and maintains business applications enabling enterprises to solve complex, mission-critical business problems.

The Company, which had acquired US-based Vector Insurance Services in July for an amount of USD 4.5 millions, is looking at buying small and medium sized players in Europe.

Mastek, which has over 3400 employees, has implemented more than 1000 projects worldwide.

UNI