Northgate Technologies priced its USD 30 million GDRs offering on the Luxembourg stock exchange at USD 8.20 a GDR. These GDRs will also be admitted to trading on the Euro MTF Market on the Luxembourg stock exchange and will be quoted on the international order book of the London stock exchange. The GDRs are expected to be eligible for trading by QIBs in the portal market, a subsidiary of the NASDAQ Stock Market in the United States.

Each GDR represents 1/2 of one equity share of the company of nominal value of Rs 10 each. Citigroup Global Markets acted as the sole book runner and lead manager for the offering. Based on the authority granted to directors by the members` resolution dated Aug. 1, 2007, the company has executed the purchase agreement with Citigroup.

A meeting of the board of directors of the company will be held on Oct. 23, 2007 to consider and approve the issue and allotment of shares underlying the GDRs.

Northgate Technologies (formerly known as Northgate BPO services) is an India based innovative technology services company. The company is mainly into information technology services, telecommunication and online advertising. The company`s products include Axill-an online exchange program and Globe7- a VoIP powered Internet TV. Globe7 enables its users to make free international calls and provides free videos.

Shares of the company declined Rs 33.6, or 4.97%, to settle at Rs 642.65. The total volume of shares traded was 19,217 at the BSE. (Thursday)


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