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Our Bureau

Mumbai , Dec. 28

AFTEK Infosys Ltd on Monday received shareholders' approval for an ADR/GDR issue amounting $30 million, as well as for enhancement of NRI/FII limit up to 40 per cent of the paid-up capital of the company.

A resolution at the AGM of the company today authorised its board of directors to issue the securities with a greenshoe option of 15 per cent for financing the company's expansion plans in India and abroad, said a news release from the company.

Approval was also obtained to increase the authorised capital of the company from Rs 15 crore to Rs 20 crore. "The special resolution is partly to accommodate the proposed issue of bonus shares in the ratio of one equity share for every two equity shares held on a record date which is to be fixed by the Board," said the release.

The resolution enhancing the investment limits for NRIs and FIIs has been made in view of the recent liberalisation measures, it said.

Aftek Infosys Ltd, has an annual turnover of Rs 140 crore, and is focused on building value added products and end-to-end solutions for e-business applications and management.

The company also approved dividend at Re 1 per share for the year ended June 30, 2004.

The Aftek Infosys stock closed on the BSE at Rs 124.75, up 1.71 per cent, with 1.85 lakh shares being traded; on the NSE, it ended at Rs 124.95, up 2.04 per cent, with 2.89 lakh shares being traded.

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