Northgate Tech to raise Rs450 cr from overseas market

Northgate Tech to raise Rs450 cr from overseas market
PTI
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First Published: Thu, Aug 02 2007. 12 21 PM IST
Updated: Thu, Aug 02 2007. 12 21 PM IST
Mumbai: Online advertising firm Northgate Technologies Ltd on 2 August announced it will raise Rs450 crore from the overseas market through issue of securities.
The shareholders at the Annual general Meeting today approved a proposal to raise the amount through issue of Foreign Currency Convertible Bonds (FCCBs) or Global Depository Receipts (GDR), the company said in a communique to the Bombay Stock Exchange.
The company declared issue of bonus shares in the ratio of 1:1, it said.
Northgate Technologies would de-list its equity shares from Hyderabad, Ahmedabad, Delhi, Calcutta and Jaipur Stock Exchanges.
The Hyderabad-based firm declared a 40% equity dividend. It has also increased the FII investment limit to 74% of paid-up capital.
The company further said that shareholders approved the proposal to increase the authorised share capital to Rs 50 crore.
The Board of Directors also appointed V Sree Hari Rao as an Additional Director with effect on 23 August.
Shares of the company closed at Rs 1,330, down 4.76% on the BSE.
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First Published: Thu, Aug 02 2007. 12 21 PM IST