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Hyderabad: Northgate Technologies Limited, has announced that the company's board has approved to raise funds worth $26.5 million by way of preferential allotment of 24,47,062 equity shares of Rs 10 each at a price of Rs 497.28 per share to foreign institutional investors.
The proposed allottees are UBS Securities Asia Limited A/c Swiss Finance Corporation (Mauritius) Limited (6,33,700 shares), Macquarie Bank Limited (6,33,700 shares), Copthall Mauritius Investments Limited (5,79,450 shares), India Capital Fund Limited (4,61,700 shares) and India Institutional Fund Limited (1,38,512 shares).
The FII investment limit has been increased to 49 per cent from 24 per cent.
The company has also decided to increase its authorised share capital from Rs 18 crore to Rs 23 crore and to implement ESOP 2006 plan consisting of six lakh equity shares of Rs 10 each to the employees of parent company and its subsidiaries.
Northgate has also announced that the members have approved equity dividend of 20 per cent. The above raised issues woud be discussed at the company's special meet to be called on October 25, 2006.
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