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| Exchange Disseminated Time 07/08/2016 12:28:49 | | Megasoft Ltd has informed BSE that the Company's properties at Madhapur and Nanakramguda at Hyderabad, acquired through amalgamation of Visualsoft Technologies Limited in 2006, were allotted by TSIIC (previously APIIC), Hyderabad and registration formalities completed in 2015. Shareholder's approval through a postal ballot was obtained dated March 22, 2016, authorizing the Board for the joint development / sale / transfer of immovable properties i.e. land & buildings at Hyderabad (including properties at Madhapur and Nanakramguda) and land at Vishakhapatnam. The Board was also authorized to use, dispose or invest the sale proceeds for expansion of company's business and / or repayment of its debts. The Company is in the process of setting up a large IT facility at its property at Nanakramguda (which was registered in the Company's favour in May 2015 by TSIIC through a conditional sale deed) with a new partner and is settling old building contractors and vendors through proceeds of Madhapur property and other cash accruals. The company sold the land at Vishakapatnam for a consideration of Rs.43.50 crores. The entire proceeds of this sale are being utilized for repayment of its loans and debts. |
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