The Hindu Business Line : Srini Raju, Sandeep Reddy buy 9 pc stake in VisualSoft

MR SRINI (VASA) RAJU and Mr Sandeep N. Reddy, today announced they have acquired about 9 per cent stake in the Hyderabad-based VisualSoft Technologies Ltd.

The acquisition was through their investment companies Chintalapudi Holdings (P) Ltd and VentureTech Solutions Private Ltd, respectively. While Mr Raju has picked up 9,88,987 shares, Mr Reddy picked up 7,33,200 shares mainly as portfolio investment.

This means that they would just be investors and play a role as shareholders and support the management in its expansion and growth plans.

Mr Srini Raju, representing Chintalapudi Holdings (P) Ltd, told Business Line "lately, most of the investments were in the form of `portfolio investments' and the role is limited to a shareholder and if necessary support the plans of the company. We do not have any plans to be part of the management team. Even in companies where we were associated earlier, we are not involved in management role."

These shares were purchased in the open market through the stock exchanges. Both have clarified that this is just a portfolio investment and they have expressed confidence in the present management of VisualSoft Technologies.

This development follows the acquisition of about 14 per cent of the total company paid-up equity by the SAIF II Mauritius Company Ltd, an arm of SoftBank, for Rs 35.5 crore last month. During that time, the acquisition of shares was made for Rs 127 per share.

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