Megasoft transfers products division to subsidiary; Stock gains over 3.5%

29 Mar 2022 , 01:36 PM

The Board of Directors of Megasoft Ltd had decided that the non-value adding / loss making products division of the Company, having negative net worth, shall be held in a separate entity for further strategic evaluation and assessment on the way forward for this division.

Accordingly, the company has transferred / Sold all its holdings in its two wholly owned overseas subsidiaries, XIUS Holding Corp, USA and Megasoft Consultants SDN. BHD Malaysia at the current fair valuation, to its Wholly owned Indian Subsidiary, Nelatop systems Pvt Ltd (“NSPL”) on March 28, 2022, said company.

At around 1:40 PM, Megasoft was trading at Rs49.05 apiece up by Rs1.7 or 3.59% on the BSE.