The Hindu Business Line : Northgate to list overseas early next year

Hyderabad, Aug. 25 Northgate Technologies, which had earlier announced its intent to list overseas, is considering the options of listing either in Nasdaq or in Hong Kong.

“This process will take a few months and the listing may take place early next year,” according to Mr Anil Singh, Chief Financial Officer of Northgate.

Speaking to Business Line, Mr Singh said that the overseas listing was aimed at raising additional funds to meet the company’s expansion plans in South Asia, including China, and in Europe.

“Though we are clear about the listing option, we are looking at appropriate market conditions,” he said.

The company through its subsidiary Axill, recently acquired a data centre of Reuters’ located in London and plans to step up presence there to tap the market with hosting services.

Meanwhile, Deutsche Securities Mauritius has acquired 11.55 lakh Northgate shares amounting to 3.31 per cent of the company equity, thereby taking its holding in the company to 7.34 per cent. This acquisition was through market purchase.

Northgate’s annual general meeting is slated for September 1, wherein it may consider among other issues, an issue of institutional placement.

The company shares ended the day at Rs 286.10 at the BSE as against the previous close of Rs 290.70.

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