NORTHGATE Technologies at its annual general meeting has announced plans to raise $41 million through qualified institutional placement or GDRs. The company had earlier announced that it was planning to list the company on the London Stock Exchange over the next few months for GDRs. This would be used for expansion into Chinese and other offshore markets.

The Company set up an office recently in Hong Kong and will add 35 to 40 employees there. The funds would also be used to promote its applications in the Chinese markets, content acquisitions and brand building.

It has also announced a 20% equity dividend and the FII investment limits have been raised to 49% of the paid-up capital. The company also conducted its board meeting on Friday and has decided to raise $26.5 million by way of preferential allotment of 24.47 lakh shares of Rs10 each at a price of Rs497.28 per share to foreign institutional investors. These FIIs include UBS Securities Asia in A/C Swiss Finance Corporation (Mauritius) and Macquaire Bank with 6.33 lakh shares each, Copt hall Mauritius Investments with 5.79 shares, India Capital Fund with 4.61 shares and India Institutional Fund with 1.38 shares.