Mastek announced that the shareholders of Cover-All Technologies have approved Cover-All's adoption of the agreement and plan of merger, signed on Dec. 14, 2014 and amended on Feb. 18, 2015, and the proposed merger of Cover-All with and into Majesco, USA, a subsidiary of Mastek, with Majesco continuing as the surviving entity.
Shares representing more than 68% Cover-All's issued and outstanding shares were voted with more than 95% of the votes cast in favour of the proposal, representing more than 65% Cover-All's issued and outstanding shares.
''I am pleased by the strong shareholder support for this merger transaction,'' said Manish Shah, president and CEO of Cover-All.
Shares of Mastek gained Rs 7.6, or 4.99%, to trade at Rs 159.90. The total volume of shares traded was 10,527 at the BSE (3.24 p.m., Tuesday).