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Megasoft surges on finalizing JDA with Salarpuria Sattva group

  • Mar-13-2018
  • 13 Hrs IST

Megasoft is currently trading at Rs. 12.70, up by 0.59 points or 4.87% from its previous closing of Rs. 12.11 on the BSE.

The scrip opened at Rs. 12.40 and has touched a high and low of Rs. 12.70 and Rs. 12.35 respectively. So far 8,736 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 24.95 on 17-Apr-2017 and a 52 week low of Rs. 11.50 on 05-Oct-2017.

Last one week high and low of the scrip stood at Rs. 13.00 and Rs. 12.01 respectively. The current market cap of the company is Rs. 56.22 crore.

The promoters holding in the company stood at 7.24%, while Institutions and Non-Institutions held 8.59% and 84.17% respectively.

Megasoft has finalized its Joint Development Agreement (JDA) with the Salarpuria Sattva group and will receive & retain around 5 lakh square feet as its net share (depending upon final FSI and municipal clearances) of the to-be-constructed Property. This step has been taken by the company after receiving a conditional approval for this JDA from the Government of Telangana / Telangana State Industrial Infrastructure Corporation (TSIIC).

Assuming no project delays, the company’s share is expected to accrue in three phases, starting from the end of year 2018 and finishing by mid of 2021. The proceeds of the same will help the company reduce / pay off its consolidated debts.

Earlier in August 2016, the company had announced that it is in the process of setting up a large IT facility in its property at Nanakramguda, Hyderabad (which was registered in the company’s favour in May 2015 by TSIIC through a conditional sale deed) with a new developer. The company had filed for necessary Government approvals for its Joint Development Agreement (JDA) with the Salarpuria Sattva group.

Megasoft is a transnational technology company, focused on telecom. XIUS, the US based telecom division of Megasoft is a leader in delivering innovative, revenue-generating solutions to Mobile Operators, MVNEs and MVNOs worldwide.