- The Comp. was incorporated on 14th May, under the name and
style of Management & Software Technology, Pvt. limited It was
originally promoted by Ashok Desai, Ketan Mehta & R. Sundar.
The name of Comp. was changed to Mastek, with effect from
16th August, 1992. The main objects and Activities of Company
is manufacturing & setting of & dealing in computer
- 4,000 Pref. shares allotted without payment in cash. 700 No.
of equity shares taken up by promoters, directors, etc.
- The Company new software package, `STRAC' for stock brokers
met with good response.
- Pref. shares redeemed. Authorised capital reclassified and
increased. 9,000 No. of equity shares taken up by promoters,
- The Comp. in association with Ingress Corporation U.S.A.
[Ingresss], installed in India over 100 Relational Data Base
Management Systems manufactured by Ingress.
- The Comp. launched a new software package `TOPVIEW'.
Development of another software package, `MAMIS' was in progress
and launched during the year.
- The Comp. embarked upon establishment of centres in Mumbai
and Chennai which would be engaged exclusively in development of
software for application in foreign countries. The Company
proposed to enhance the facilities at the existing unit at Seepz
at an estimated cost of Rs 25 lakhs.
- The Comp. made a public issue of 4,00,000 shares of Rs 10
each at a premium of Rs 180 per share. The issue was
oversubscribed. All the shares were taken up.
- 23,000 Bonus shares allotted in prop. 1:1 on 19.2.1992.
Equity share subdivision on 13.3.1992. 3,90,000 No. of equity
shares then allotted at par to TDICI in conversion of loan.
- The Comp. received necessary permissions from Government and
Reserve Bank of India for making investment of US $ 200,000 in
the shares of Mastek Software Incorporated of USA & $4,20,000
in shares of Mastek Asia Pacific Pvt. limited of Singapore.
- With the investments the Comp. would make Mastek Software
Incorporated U.S.A., its wholly owned subsidiary & would
acquire 70% stake in Mastek Asia Pacific Pvt. limited Singapore.
- A MOU was signed with a local partner in U.K. to form an
exclusive front end Comp. to represent Mastek in U.K.
- The Comp. proposed to introduce an employee Stock Option
Scheme [ESOSs] for benefit of employees subject to the
approval of shareholders of Company.
- The Comp. proposed to issue upto 20,000 - 12% fully
convertible debentures of Rs 100 each to the employees of the
Company who were on the payroll as on 31st March, 1993.
- These debentures would be converted into 10 No. of equity
shares of Rs 10 each at par or 5 equity shares of Rs 10 each at
a premium of Rs 10 per share after 18 months from the date of
allotment of debentures. Only 12,339 debentures were
allotted. Accordingly, 56,640 No. of equity shares allotted
- The main objects of public issue of equity shares during
December, were to Finance [is] establishment of software
development centres in Mumbai & Chennai; [iis] enhancement of
facilities of existing unit at Seepz; [iiis] investment in
three proposed joint ventures abroad & [ivs] augmentation of
long term resources for working capital.
- The Comp. introduced software package `PICADUR' for stock
brokers which received good response.
- The Comp. launched 'XCALIBUR', a windows based share trading
and accounting software.
- The Comp. formed a strategic alliance with BSES Telecom to
provide total IT solutions to the power & utility sectors in
- 14.25.% cumulative redeemable pref. shares issued.
- 3,00,000-14.25% & 2,70,000-15% pref. shares issued. These
shares to be redeemed by 99-2000 and 2000-2001 respectively.
- BSES Telecom Ltd., a 100 per cent subsidiary of BSES Ltd., and
Mastek have joined hands to provide Information Technology
driven management oriented solutions for power utilities sector
through Utility Software Development Group which the two
companies have decided a constitute.
- Mastek has been among the few companies to focus on software
products. It has since realigned its business & is offering
customer specific solutions. It is the first Comp. to be
certified with ISO 9000 for its domestic operations & offices.
- The Comp. has recently entered into an alliance with BSES
Telecom to provide IT solutions to the power industry based on
its enterprise resource planning [ERPs] software called 'mamis.'
It has introduced newer products, namely 'PICA-DOR,' 'LAPS,'
'JAAL' & 'FRONTIER.'
- The Mumbai-based Mastek Ltd & the US-based Computer
Associates [CAs], have chalked out a three-phased strategy to
out-market Sybase & Informix in the country with CA Ingres
Relational Database Management System [RDBMSs].
- The Comp. set up a wholly owned subsidiary in Germany i.e.
Mastek GmbH. It also set up a branch in Japan.
- 5,00,000 Pref. Shares issued during the year. 2,72,750 Pref.
- Mastek is unique because it was the only software Comp. to
rely on the `product development' strategy to capture a
significant chunk of domestic market.
- Mastek has wholly-owned subsidiaries in five countries:
Majesco Software Inc, USA, Mastek UK Ltd, Mastek Germany GmbH,
Mastek Software Sdn. Bhd, Malaysia & Mastek Asia Pacific Pte
Ltd in Singapore.
- The Comp. has entered into a partnership with US-based
Vignette, a leading supplier of e-business applications, for
building on-line businesses.
- Indian software firm Mastek limited is preparing for its American
Depository Receipts issue.
- The Board of directors of Mastek Ltd, has proposed a stock
split in the ratio of two shares for every one share held,
thereby reducing the par value of share from Rs 10 to Rs 5.
- Mastek Ltd has entered into an alliance with BroadVision Inc.
of the US to build e-business applications.
-Mastek Ltd has informs that Mr. S D Kulkarni is appointed as an Additional Director of company.
-alloted 34,789 equity shares under ESOP to the employees of Comp. & its subsidiaries,
-Company has been awarded a 10 year contract by BT System Integration arm, Syntegra for an initial œ27 million as part of National Programme for IT within the UK National Health Service
-Mastek Ltd has informed that Mastek [UKs] Ltd, a subsidiary of Company, has been awarded an order for approximately GBP 4 million by one of leading Health Care Insurance Companies in the UK.
-Mastek Ltd has informed that they have received intimation from Citigroup Global Markets [Ms] Pvt. limited of having acquired 20,000 shares amounting to 5.06% of total paid up capital of Mastek Ltd.
-Mastek Ltd has informed that the Board of Directors of Comp. at its meeting held on October 12, 2006, after the conclusion of Annual General Meeting, the Board of Directors appointed Mr. Diwan Arun Nanda as an Independent Director of Company.
- Mastek Ltd has announced that the Comp. has been ranked 11th amongst the leaders of Global Outsourcing 100 Companies by International Association of Outsourcing Professionals.
- Mastek Ltd has bought Systems Task Group [STGs] International a provider of enterprise solutions for property & casualty [P&Cs] insurance industry in an all-cash consideration of $29 million [Rs 116 crores].