Citigroup picks up stake in VisualSoft

Citigroup Global Markets (Mauritius) Private Limited has acquired 2,82,473 shares aggregating to 1.414 per cent of the paid-up capital of Hyderabad-based VisualSoft Technologies Limited.

This acquisition is in close succession to the recent deal wherein SAIF II Mauritius Company Limited, a subsidiary of Softbank, acquired 14 per cent of the paid-up capital of VisualSoft.

According to V Krishnan, chief financial officer, VisualSoft Technologies, "Citigroup has acquired the shares, perhaps, looking at the value of the company."

Citigroup's shareholding, after the said acquisition, is 1,158,044 shares aggregating to 5.797 per cent of the total paid-up capital of VisualSoft. It has acquired the shares through secondary market purchases.

SAIF II Mauritius had recently acquired 27,96,596 equity shares of VisualSoft, through private arrangement at Rs 127 per share. It had acquired the shares from VisualSoft promoters and associates who hold a 37 per cent stake in the company.

VisualSoft chairman DVS Raju had earlier said that Softbank's acquisition of VisualSoft stake would enhance the company's cross selling opportunities.