The Hindu Business Line : Cat Technologies plans stock split, hike in FII limit

CAT Technologies Ltd, a Hyderabad-based software services and medical transcription company, plans to hike FII limit and is considering stock split and a GDR offer.

The Managing Director of Cat Technologies, Mr Dhiraj Kumar Jaiswal, told Business Line that the company has bagged an order from Al-Faisaliah Group, a Saudi major, for both hospital automation and managing medical records.

To augment resources and expand operations, the company plans to issue global depository receipts (GDRs) of up to Rs 30 crore in the Luxembourg Stock Exchange.

It has also proposed to go in for a stock split and sub-divide the equity shares from Rs 10 to Rs 1 each.

The company's board that met on March 29, decided also to seek shareholders nod for stock split and the GDR offer. These decisions were intimated to the Bombay Stock Exchange.

The company has announced its move to convene an EGM on May 2, to consider and approve these decisions.

Mr Jaiswal said: "The company was basing its expansion on the Saudi order which entails both automation and services of various hospitals.

"With the Saudi Government planning to adopt new methodology for offering healthcare services, we would locate our staff in Saudi Arabia and provide them services.

"The order is valued at about Rs 40 crore, covering the maintenance of medical records."

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