VisualSoft Tech, Megasoft agree to merge
The Hyderabad-based software services company, VisualSoft Technologies Ltd, and Megasoft Ltd, have agreed in principle to merge.
The board of directors of VisualSoft Technologies, at a meeting held here on Saturday, agreed to merge it with Megasoft, an IT and telecom solutions provider.
The merger proposal is subject to the approval of the board of Megasoft Ltd and satisfactory completion of due diligence and acceptance by both the companies of the swap ratio recommended by the independent valuer.
This would be further subject to shareholder’s nod and statutory and regulatory approvals.
The VisualSoft board has authorised the company’s Managing Director, Mr Sudhakar Gunturu, to initiate necessary steps including the appointment of an independent valuer and a legal counsel.
According to sources, the process of appointment of a valuer has been initiated and the entire process of merger could potentially take about four to six months.
Over the last 12 months, the VisualSoft scrip has witnessed volatility with a low of Rs 58 and a high of Rs 266.
The scrip was last traded at Rs 86.10.
Source:
