• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Allots shares to FIIs at Rs 497

Hyderabad , Oct. 25

The shareholders of Hyderabad based Northgate Technologies Ltd have approved allotment of 2.45 million equity shares to FIIs at a price of Rs 497.28 per share. This allotment will fetch Rs 121.68 crore and augment expansion plans.

At a meeting held here today, Northgate's shareholders approved increase in authorised share capital from Rs 18 crore to Rs 23 crore. Of the 24.5 lakh equity shares, 6.33 lakh each will be allotted to UBS Securities Asia Ltd and Macquarie Bank Ltd at a price of Rs 497.28 per share.

Balance equity shares will be allotted to Copthall Mauritius Investment Ltd, India Capital Fund Ltd and India Institutional Fund Ltd. Following this move of allotment of equity shares to FIIs, the total shareholding of FIIs in the company will reach to 25.66 per cent.

According to a company statement, the funds thus raised will be utilised for expansion of business activities in the emerging markets like China and India besides the US and the UK.

More Stories on : Private Placement | Software | Foreign Institutional Investors

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Fire at Reliance refinery complex at Jamnagar

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line