Date:27/06/2006 URL: http://www.thehindubusinessline.com/2006/06/27/stories/2006062703630400.htm

Back Megasoft clarifies on Visualsoft

Our Bureau

Hyderabad, June 26

Megasoft Ltd has clarified to the BSE its intentions of pursuing an acquisition led growth strategy. It said it has already been receiving various merger and acquisition (M&A) proposals in this regard.

It had received a proposal on Visualsoft Technologies Ltd from an investment banker. The company conveyed to the BSE that it had received similar proposals for other companies through various sources. Megasoft intimated that it was evaluating all these proposals and had not taken any decision on any of these proposals.

It may be recalled that the merger proposals of Visualsoft and Applabs Technologies earlier this year fell through and they are independently evaluating M&A options. The holding of Visualsoft has changed significantly in the past one year, with Mr Srini Raju in his personal capacity and strategic partners holding about 9.9 per cent of the VisualSoft equity and SAIF Fund having about 14 per cent in Visualsoft.