Visualsoft Technologies to merge with Megasoft Ltd

Visualsoft Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on September 30, 2006, considered the various options placed before them. The Board, after deliberating and weighing the various options placed before it, has accorded its in principle approval to merge the Company with Megasoft Ltd, a listed Company. Megasoft is a transnational intellectual Property - driven, product - based technology company that focuses on the Telecom sector, having its Registered Office in Chennai and listed on the Exchanges.

The merger proposal is subject to the approval of the Board of Directors of Megasoft Ltd., satisfactory completion of due diligence, acceptance by both the companies of the swap ratio recommended by the Independent Valuer, approval of the shareholders of both the companies and other statutory & regulatory approvals.

The Board of Directors of the Company has authorized the Managing Director to take necessary steps including the appointment of an independent valuer and a legal counsel.

Source : Equity Bulls

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