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History of Mastek Ltd.

1982

- 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 software.

1987

- 4,000 Pref. shares allotted without payment in cash. 700 No. of equity shares taken up by promoters, directors, etc.

1988

- The Company new software package, `STRAC' for stock brokers met with good response.

1989

- Pref. shares redeemed. Authorised capital reclassified and increased. 9,000 No. of equity shares taken up by promoters, directors, etc.

1990

- 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.

1991

- 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.

1992

- 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 during 1994-95.

- 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.

1993

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

1995

- 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 India.

1996

- 14.25.% cumulative redeemable pref. shares issued.

1997

- 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.'

1998

- 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. Shares redeemed.

1999

- 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.

2000

- 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.

2003

-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 �27 million as part of National Programme for IT within the UK National Health Service

2004

-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.

2006

-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.

2007

- 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.

2008

- 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].