iGate spins off Mastech Holdings

By Lisa Kerner

Charlotte, N.C., Oct. 1 - iGate Corp. completed the spinoff of its professional services business into a publicly traded company named Mastech Holdings, Inc. through a tax-free dividend to iGate shareholders.

One share of Mastech common stock was distributed for every 15 shares of iGate common stock outstanding as of the close of business on Sept. 16,

Cash will be paid in lieu of fractional shares of Mastech, an iGate news release said.

According to iGate, Mastech will operate as an independent public company with approximately 3.6 million shares outstanding. Its stock will trade on the American Stock Exchange under the symbol "MHH."

In August, iGate said it completed the divestiture of its clinical research business to Ginde Lifesciences Private Ltd.

iGate's subsidiaries provide IT and offshore outsourcing services to large and medium-sized organizations. The company is located in Pittsburgh.

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