Northgate Tech to raise Rs450 cr via issue of securities

Northgate Tech to raise Rs450 cr via issue of securities
PTI
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First Published: Mon, Jul 09 2007. 11 45 AM IST
Updated: Mon, Jul 09 2007. 11 45 AM IST
Mumbai: Hyderabad-based software firm Northgate Technologies said on 9 July it would raise up to Rs 450 crore through issue of securities from both the international and domestic market.
In a communique to the Bombay Stock Exchange, Northgate Technologies said its board of directors in a meeting held on 7 July, had approved raising the fund in one or more tranches through issue of Global Depository Receipts (GDRs), Foreign Currency Convertible Bonds (FCCBs) and other securities.
The company’s board has also approved raising of Northgate Technologies’ authorised share capital to Rs 50 crore from Rs 23 crore.
The company however, did not give details as to how it would use the fund.
Earlier in April, Northgate Technologies Ltd launched its Globe7 Soft phone through its 100% subsidiary Globe7 Inc USA.
Globe7 Internet2 Soft phone technology, conceptualised with IPTV, crossed 2.5 million downloads by heaping 2.1 million downloads in the previous month alone. Globe7 spreads its wings, covering 187 countries across 7 continents (including Antarctica).
Shares of the company were trading at Rs 1480, down 1.05% on the BSE in morning trade.
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First Published: Mon, Jul 09 2007. 11 45 AM IST