Visualsoft Tech gets BoD nod for Megasoft merger

New Delhi, Nov 2: Visualsoft Technologies Ltd, an enterprise solutions provider, today said its Board of Directors has given in-principle approval for the amalgamation of the company with Megasoft Ltd at a share swap ratio of 8:5.

The Board at a meeting considered and approved the Scheme of Amalgamation and Entitlement Ratio Report submitted by Price Waterhouse.

Early last month, Megasoft announced the acquisition of Visualsoft Technologies for Rs 172 crore.

''We are leveraging the assets of Visualsoft Technologies Ltd to buy into strong telecom companies,'' Megasoft MD and CEO G V Kumar said.

The Visualsoft acquisition will also enable the company to bid for larger outsourcing contracts, he added.

The BoD discussed in detail the Entitlement Ratio Report and approved the share swap ratio recommended by Price Waterhouse.

In addition, the company has also appointed Keynote Corporate Services Ltd, a reputed SEBI approved Merchant Banker, to obtain an independent second Entitlement Ratio on the amalgamation of VisualSoft with Megasoft.

Keynote Corporate Services Ltd has also recommended the same swap ratio for the proposed amalgamation.

UNI