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Stock Report
Megasoft Ltd updates on lease rentals
Posted On : 2022-01-03 17:56:27( TIMEZONE : IST )
Megasoft Ltd had on 7/8/2016, had announced that it is in the process of setting up a large IT facility in its property at Nanakramguda, Hyderabad (Registered in the company's favour in May 2015 by TSIIC through a conditional sale deed) with a developer (shareholders' approval through a postal ballot was obtained dated March 22, 2016). On 9 November 2018, the company had announced that it has received approval for this JDA from the government of Telangana / Telangana State Industrial Infrastructure Corporation (TSIIC) and will receive & retain approximately 5 lakhs square feet as its net share (to accrue in three phases). Vide the above notification the company had also announced that for the first phase (Block 1), it has entered ihto a lease rental agreement. Subsequently vide its uploaded press release (14 February 2019) the company had announced that the rentals receipts for Block 1 have started.
On 6 February 2020, the company announced that second phase (Block 2) is nearing completion and that it has entered into a lease rental agreement for the same. The lease rental revenues have been accruing from Q1 of 2027 and reported in its published quarterly results.
The Company is now pleased to announce that it has just concluded and signed a Lease agreement for the third and final block (Block 3) for its share, and part rental payments are expected to be received from Q1 of 2022 after adjusting for the rent-free period.
The Company is in the process of negotiation and finalization of accounts with its JDA Partner M/s Darshita Infrastructure Pvt Ltd (Salarpuria Sattva group) to conclude on its final share and payments to be settled, details of which will be published in the financial year end accounts (2021-22).
Shares of Megasoft Limited was last trading in BSE at Rs. 79.65 as compared to the previous close of Rs. 75.90. The total number of shares traded during the day was 242954 in over 545 trades.
The stock hit an intraday high of Rs. 79.65 and intraday low of 72.15. The net turnover during the day was Rs. 17978707.00.
