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The shareholding of Ravindra Sannareddy, the promoter of Hyderabad-based IT company Megasoft, has been reclassified under the public category after his stake reduced significantly following the merger with Xius.
Both the National Stock Exchange and the Bombay Stock Exchange approved the reclassification on February 18.
Sannareddy promoted Megasoft in June 1999. He has also promoted Sri City, an integrated business city at Tada in Andhra Pradesh.
In a release, Sannareddy said he has been keeping out of the company’s business activities after the merger of Xius with Megasoft. He came out of the Directorship and Chairmanship of the board in September 2012. Since his equity stake has significantly reduced and he has not been concerned with the management of the company for a very long period, he had requested that he no longer be classified as the promoter, and hence the re-classification was necessitated and approved, the release said.
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