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Mascot buys out ITES firm for Rs 21 cr
April 02, 2003 14:09 IST
Indian software services firm Mascot Systems Ltd said on Wednesday it planned to acquire a division of Delhi-based IT&T Ltd for Rs 21.3 crore (Rs 213 million).
A Mascot statement said the buyout would mark the firm's entry into IT-enabled services and give it access to over 600 IT&T employees.
"The acquisition will enhance Mascot's service portfolio and enable it to rapidly establish a presence in the BPO (business process outsourcing) space," the statement said.
Mascot shares were up 11.51 per cent at Rs 108 while IT&T shares jumped about 10 per cent to Rs 17.35 on the Bombay exchange whose key index was up 0.2 per cent in morning trade.
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