The Hindu Business Line : Northgate BPO hikes capital, changes name

NORTHGATE BPO Services Ltd has decided to hike authorised capital from Rs 13 crore to Rs 18 crore along with changing the company name to Northgate Technologies Ltd.

This follows the company AGM held here today.

Addressing a press conference, the Chairman and Managing Director of Northgate, Mr Venkat S. Meenavalli, said the company has decided to develop a dedicated data centre in London, one of the largest infrastructure for real-time communications.

The company has identified space for the purpose and it plans to raise funds through preferential allotment of equity shares to foreign institutional investors to meet the cost of the infrastructure.

The AGM approved allotment of 1.57 crore equity shares of Rs 10 each at a price of Rs 276 per share including the premium of Rs 266 per share to FIIs. The meeting approved issue of six lakh stock options convertible to six lakh equity shares of Rs 10 each to the company's employees. Northgate announced a 10-per cent final dividend. Mr Meenavalli said the company had launched AXILL.Com, an ad network with more than 1,000 advertisers and 1,300 publishers.

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