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Aftek Infosys completes GDR issue of $15 m

Our Bureau

MUMBAI, Feb. 11

AFTEK Infosys on Tuesday announced the completion of its global depository receipt issue amounting to around $15 million; the GDRs were listed on Luxembourg Stock Exchange on Monday.

Aftek had issued 13,33,100 GDRs each representing 3 equity shares of the company at a price of $11.25 per share. The issue had opened for subscription on January 29.

The paid-up equity share capital of the company stands increased to Rs 10 crore from Rs 6 crore, said a news release from the company.

The proceeds of the GDR issue will be utilised to fund investment in complementary businesses, technologies, services, and products; or to enter into strategic partnerships with parties who can provide access to those assets, fund future growth and for other general corporate working capital purposes, said the release.

The GDR issue will help the company expand its markets in the European region. Besides consolidating its presence in its core domain areas of embedded systems, mobile and wireless and the Web, the proceeds will also help increase the company's shares of products and service offerings in key technology areas of knowledge management and 3G mobile communications, said the release.

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