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Our Bureau

Hyderabad , Jan. 26

THE board of directors of Goldstone Technology Ltd has approved the hike in authorised capital from Rs 25 crore to Rs 30 crore and allotment of 61,50,000 equity shares/warrants of Rs 29 each on a preferential basis.

Alongside this, the board has also recently passed an enabling resolution that will seek to empower the company to raise up to $15 million through ADRs/GDRs. The decision to adopt the ADR/GDR route was taken as they offer greater liquidity for the foreign investors as compared to other instruments with lock in period, according to company.

The board of directors, in a note to the BSE, stated that it would convene an extraordinary general meeting on February 23, to seek the shareholders' nod for these decisions that will help part-fund its expansion drive.

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