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Mastek Ltd. Company History and Annual Growth Details


- The Company was incorporated on 14th May, under the name and
style of Management and Software Technology, Pvt. Ltd. It was
originally promoted by Ashok Desai, Ketan Mehta and R. Sundar.
The name of the Company was changed to Mastek, with effect from
16th August, 1992. The main objects & Activities of the Company
is manufacturing and setting of and 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's 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,
directors, etc.


- The Company in association with Ingress Corporation U.S.A.
(Ingress), installed in India over 100 Relational Data Base
Management Systems manufactured by Ingress.

- The Company launched a new software package 'TOPVIEW'.
Development of another software package, 'MAMIS' was in progress
and launched during the year.


- The Company 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 Company 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 Company 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 and $4,20,000
in shares of Mastek Asia Pacific Pvt. Ltd. of Singapore.

- With the investments the Company would make Mastek Software
Incorporated U.S.A., its wholly owned subsidiary and would
acquire 70% stake in Mastek Asia Pacific Pvt. Ltd. Singapore.

- A MOU was signed with a local partner in U.K. to form an
exclusive front end company to represent Mastek in U.K.

- The Company proposed to introduce an employee Stock Option
Scheme (ESOS) for the benefit of the employees subject to the
approval of the shareholders of the Company.

- The company 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 the debentures. Only 12,339 debentures were
allotted. Accordingly, 56,640 No. of equity shares allotted
during 1994-95.

- The main objects of the public issue of equity shares during
December, were to Finance (i) establishment of software
development centres in Mumbai and Chennai; (ii) enhancement of
facilities of the existing unit at Seepz; (iii) investment in
three proposed joint ventures abroad and (iv) augmentation of
long term resources for working capital.


- The Company introduced software package 'PICADUR' for stock
brokers which received good response.


- The Company launched 'XCALIBUR', a windows based share trading
and accounting software.

- The Company formed a strategic alliance with BSES Telecom to
provide total IT solutions to the power and utility sectors in


- 14.25.% cumulative redeemable pref. shares issued.


- 3,00,000-14.25% and 2,70,000-15% pref. shares issued. These
shares to be redeemed by 99-2000 & 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 and is offering
customer specific solutions. It is the first company to be
certified with ISO 9000 for its domestic operations and offices.

- The company has recently entered into an alliance with BSES
Telecom to provide IT solutions to the power industry based on
its enterprise resource planning (ERP) software called 'mamis.'
It has introduced newer products, namely 'PICA-DOR,' 'LAPS,'


- The Mumbai-based Mastek Ltd and the US-based Computer
Associates (CA), have chalked out a three-phased strategy to
out-market Sybase and Informix in the country with CA's Ingres
Relational Database Management System (RDBMS).

- The company 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.
Shares redeemed.


- Mastek is unique because it was the only software company to
rely on the 'product development' strategy to capture a
significant chunk of the 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 and Mastek Asia Pacific Pte
Ltd in Singapore.


- The Company 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 Ltd. 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 the 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 the company.

-alloted 34,789 equity shares under ESOP to the employees of the company and its subsidiaries,

-Company has been awarded a 10 year contract by BT's System Integration arm, Syntegra for an initial 27 million as part of the National Programme for IT within the UK's National Health Service


-Mastek Ltd has informed that Mastek (UK) Ltd, a subsidiary of the Company, has been awarded an order for approximately GBP 4 million by one of the leading Health Care Insurance Companies in the UK.

-Mastek Ltd has informed that they have received intimation from Citigroup Global Markets (M) Pvt. Ltd. of having acquired 20,000 shares amounting to 5.06% of the total paid up capital of Mastek Ltd.


-Mastek Ltd has informed that the Board of Directors of the Company at its meeting held on October 12, 2006, after the conclusion of the Annual General Meeting, the Board of Directors appointed Mr. Diwan Arun Nanda as an Independent Director of the Company.


- Mastek Ltd has announced that the Company has been ranked 11th amongst the leaders of Global Outsourcing 100 Companies by the International Association of Outsourcing Professionals.


- Mastek Ltd has bought Systems Task Group (STG) International a provider of enterprise solutions for the property and casualty (P&C) insurance industry in an all-cash consideration of $29 million (Rs 116 crore).
Oct 26, 4:01 pm
Oct 26, 4:14 pm
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