Business Daily from THE HINDU group of publications
Friday, Aug 03, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Aug 03, 2007 ePaper |
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Info-Tech
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Software Corporate - Bonus Announcements Northgate announces 1:1 bonus
Our Bureau Hyderabad, Aug. 2 Northgate Technologies Ltd on Thursday rewarded its shareholders approving a 1:1 bonus issue and a dividend of 40 per cent, while simultaneously securing shareholders nod to raise up to Rs 450 crore. The company at its 15th annual general meeting passed an enabling resolution to hike the authorised capital from Rs 23 crore to Rs 50 crore. The Chairman and Managing Director of Northgate, Mr Venkat S. Meenavalli, said that the company was at an advanced stage of finalising moves to raise funds and expected to close the global depository receipts issue within 60 days. The issue proceeds are aimed at funding the expansion plans at London and Hong Kong where it has server farms. The company is in the process of securing necessary clearances for the overseas issue and expects to list them on the Luxembourg Stock Exchange. Mr Meenavalli said that the company has invested significantly in online advertising related business.
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