Northgate to raise Rs 450 cr from overseas mkt

MUMBAI: Online advertising firm Northgate Technologies Ltd on Wednesday announced it will raise Rs 450 crore from the overseas market through issue of securities.

The shareholders at the Annual general Meeting on Wednesday 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 per cent equity dividend. It has also increased the FII investment limit to 74 per cent 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 today.

Shares of the company closed at Rs 1,330, down 4.76 per cent on the BSE.