Visualsoft Technologies Q2 net profit at Rs.2.6 million, down 96%

Visualsoft Technologies Ltd has announced the following Unaudited results for the quarter ended September 30, 2006:

The Company has posted a net profit of Rs 2.606 million for the quarter ended September 30, 2006 as compared to Rs 61.092 million for the quarter ended September 30, 2005. Total Income has decreased from Rs 541.396 million for the quarter ended September 30, 2005 to Rs 183.373 million for the quarter ended September 30, 2006.

The Board of the company has 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 the Company. 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 Ltd, a reputed Category - 1 SEBI approved Merchant Banker, to obtain an independent second Entitlement Ratio on the amalgamation of the Company with Megasoft. M/s Keynote Corporate Services Ltd has also recommended the same swap ratio for the proposed amalgamation.

Source : Equity Bulls

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