Hi5 Youth Foundation announced its intention to acquire 5,00,000 equity shares, representing 1.62% of Mastek Limited, through a gift from Mr. Sundar Radhakrishnan, one of the promoters of Mastek Limited. The transaction is expected to occur on or after September 19, 2025.
The disclosure was made under Regulation 10(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
As per the disclosure, Mr. Sundar Radhakrishnan owns 60% in the Acquirer Company and is also one of the Promoters of the Target Company. Post this transaction, the Acquirer will be disclosed as a member of the 'Promoter and Promoter group' of the Target Company.
The volume weighted average market price for a period of 60 trading days preceding the date of issuance of the notice, as traded on the National Stock Exchange of India Limited, is ₹2507.11.
Details of Shareholding
The following table summarizes the shareholding pattern before and after the proposed acquisition:
| Entity | Before Acquisition | After Acquisition |
|---|---|---|
| Hi5 Youth Foundation | Nil | 5,00,000 (1.62%) |
| Sundar Radhakrishnan | 13,05,800 (4.22%) | 8,05,800 (2.60%) |
| Total Promoter and Promoter Group | 1,10,86,197 (35.79%) | 1,10,86,197 (35.79%) |
Compliance with SEBI Regulations
The acquirer confirms that the transferor has complied with the applicable disclosure requirements in Chapter V of the Takeover Regulations, 2011. Details of Annual Disclosures made under regulation 31(4) of the Takeover Regulations are provided in Annexure 2. Annexure A.
The acquirer also confirms that all conditions specified under regulation 10(1)(a) with respect to exemptions have been duly complied with.
Background of Mastek Limited
Mastek Limited, a global technology solutions provider, has seen recent declarations of compliance with SEBI regulations from its promoters. Ashank Desai, a promoter of Mastek Limited, has consistently affirmed that there have been no encumbrances on the shareholding of the promoters and promoter group members in Mastek Limited.
Declarations were submitted to the stock exchanges in compliance with Regulation 31(4) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on April 11, 2023, April 10, 2024 and April 07, 2025.
These declarations confirm that the promoters and promoter group members have maintained their shareholding without any encumbrances during the financial years 2022-23, 2023-24 and 2024-25.
The acquirer also confirms that all conditions specified under Regulation 10(1)(a) with respect to exemptions have been duly complied with.
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