Business Daily from THE HINDU group of publications
Tuesday, Sep 05, 2006
Business Daily from THE HINDU group of publications Tuesday, Sep 05, 2006 |
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Info-Tech
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Overseas Borrowings Northgate Tech to raise funds abroad for expansion V.Rishi Kumar
Hyderabad , Sept. 4 Northgate Technologies Ltd, a Hyderabad-based technology company, is in the process of finalising plans for a $41-million FCCB or GDR issue to meet its expansion plans and working capital requirements. The company has passed an enabling resolution and would seek shareholders' nod before embarking on the process of raising funds. This could be either through a Foreign Currency Convertible Bond (FCCB) or even a GDR issue. The company is evaluating the listing option overseas. The Chief Financial Officer of Northgate, Mr Anil K. Singh, said that they are in the process of establishing a data centre in Hong Kong, which will serve both as the Chinese market entry and also as a disaster recovery centre. The company also manages a data centre in the UK. Mr Singh told Business Line that this was part of the company's expansion of its subsidiary, Globe 7 Inc, which will reach out content for some leading agencies such as Associated Press, ANI and Reuters through tie-up. It would also provide IP TV and movies over the Internet. The company SIP phone has received significant downloads. Asked about the plans to list on the London Stock Exchange, which the company had hinted in April 2006, Mr Singh said, "We are evaluating this option and take an appropriate decision shortly."
The company shares ended the day slightly lower at Rs 493.55 as against the previous close of Rs 507.80 on the BSE.
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