Processing .....please wait.. 
The article has been forwarded.... 
Reliance picks up 4% equity in Megasoft
By siliconindia staff writer
|
Thursday, 07 October 2004, 19:30 IST
CHENNAI: The Reliance group has picked up about 4% stake in Megasoft, the Chennai-based IT consulting services company, through bulk transactions in the secondary market, reports Economic Times.
The deal was carried out on October 1, when the counter witnessed trading volumes touching 31.94 lakh against a couple of thousand Megasoft shares traded on an average trading day.
It has reportedly picked up most of the equity shares at a price of Rs 37 per share. The turnover on the counter on that eventful day was a staggering Rs 11.23 crore against Rs 24.54 lakh for the whole of September and Rs 9.14 lakh reported for the entire August.
When contacted, sources in Megasoft said the company was in no way connected with the transactions nor did any of the promoters offload their stake. These were market transactions, they claimed.
However, enquiries revealed that some of the large investors, who stayed with Megasoft for around two to three years, had offloaded a part of their holdings last Friday. It includes ProLease, a US-based BPO company with sizeable Indian operations, and is said to have offloaded 13-14 lakh shares that day.
It may be recalled that ProLease invested $1 million and picked up 12% equity stake in Megasoft in July 2002 at Rs 70 per share. It had also then expressed its desire to invest an additional $1-2 million, depending on the approval of Megasofts shareholders, so as to make Megasoft as the IT platform link of the formers IT services orders.
