VisualSoft approves new swap ratio with Megasoft

Hyderabad, Oct 31 (UNI) Board of Directors of VisualSoft has approved the swap ratio of 5 equity shares of VisualSoft with 8 shares of megasoft after the amagalmation.

The company informed to the stock exchanges about the in-principle approval accorded by the Board of Directors for amalgamation of VisualSoft Technologies with Megasoft on stock swap basis on September 30, 2006.

The Board at the meeting held today considered and approved the Scheme of Amalgamation and Entitlement Ratio Report submitted by M/S Price Waterhouse.

The Entitlement Ratio Report of M/S Price Waterhouse recommended swap ratio of 5:8 i.e. five (Rs 10 each fully paid-up) equity shares of Megasoft for every eight (Rs 10 each fully paid-up) equity shares of Visualsoft.

The Board of Directors discussed in detail the Entitlement Ratio Report and approved the ratio recommended by M/S Price Waterhouse.

The Company had also appointed M/s Keynote Corporate Services, a reputed Category-1 SEBI approved Merchant Banker, to obtain an independent second Entitlement Ratio on the amalgamation of VisualSoft with Megasoft.

M/s Kenote Corporate Services has also recommended the same swap ratio for the proposed amalgamation, according to a company release.

UNI DB AJ 2328