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Hyderabad, Sept. 3

Barcoding and smart car solutions provider Bartronics Ltd has approved a move to hike its authorised capital from Rs 40 to Rs 60 crore along with a plan to raise up to $50 million through FCCB issue. This move comes in the wake of company’s plans to expand its operations. The company had earlier incorporated a wholly owned subsidiary in Singapore and partnered with Watchdata Technologies for smartcards. Following a meeting of the company board here late last week, the Bartronics management approved a resolution empowering the company to borrow up to Rs 500 crore. To part fund its ongoing expansion plans, the management has passed an enabling resolution that empowers it to raise up to $50 million through FCCBs or other instruments such as American Depository Receipts or Global Depository Receipts. However, all these resolutions are subject to approval of company’s at their annual general meeting slated for September 10. —

Our Bureau

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