Hyderabad-based IT firm Megasoft Ltd, which is engaged in cloud services and cyber security, has decided to sell its properties in Hyderabad in order to reduce its liabilities.
As we all know the Board of Directors of the company, at its meeting held on 12 February 2016, sought shareholders’ approval for selling immovable assets at Hyderabad and Visakhapatnam to meet financial requirements of the company.
Megasoft Sells Its Properties In Hyderabad
With “Sale of Properties of the Company” as the subject, the company informed BSE that its assets at Madhapur and Nanakramguda at Hyderabad acquired through an 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, authorising the Board for the joint development / sale / transfer of immovable properties i.e. land and buildings at Hyderabad (including properties at Madhapur and Nanakramguda) and land at Vishakhapatnam.
The Board was also authorised 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 crore. The entire proceeds of this sale are being utilised for repayment of its loans and debts.