City-based software company, Northgate Technologies will raise upto USD 41 million for its expansion and also raise its authorised share capital from Rs 18 crore to Rs 23 crore.

The company will raise USD 26.50 million through 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, Northgate chairman and managing director Venkat Meenavalli told reporters.

He was speaking after the company's annual general meeting last evening here.

Meenavalli said, the AGM had also decided to increase the company's authorised capital from Rs 18 crore to Rs 23 crore besides offering an equity dividend of 20 per cent.

It will also implement employees stock option scheme-06 consisting of six lakh equity shares of Rs 10 each to the employees of both the parent and its subsidiaries.



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