Northgate Technologies to raise USD 41 Million, approves Rs.2 dividend

Northgate Technologies Ltd has announced that the members at the 14th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the declaration of Dividend @ Rs 2/- per equity share.

Authority to Board to create, offer, issue and allot, Global Depository Receipts (GDRs) and/or Foreign Currency Convertible Bonds (FCCBs), and/or American Depository Receipts (ADRs) and/or convertible Equity shares and/or Convertible debentures (fully or partly) and/or Non-convertible debentures and/or preference shares (cumulative or non-cumulative) and/or convertible preference shares and/or and Equity Linked Foreign Currency notes and/or Convertible bonds (fully or partly) with or without detachable warrants and/or warrants of any nature and/or Secured premium notes and/or Floating rate notes/bonds and/or any other financial instrument (securities) of an aggregate value of up to USD 41 Million or its rupee equivalent or equivalent in any other foreign currency, subject to the necessary provisions & approvals.

Authority to Board to raise funds up to a limit of USD 41 Million or its rupee equivalent in domestic market by placing specified securities (securities includes equity shares or any securities other than warrants, which are convertible into or exchangeable with equity shares at a later date at any time after allotment of security but not later than sixty months from the date of allotment) with Qualified Institutional Buyers (QIBs) at a price not less than the price as determined in accordance with Chapter XIII A of Clause 13 A.3 of SEBI (DIP) Guidelines for QIP.

Alteration in the Articles of Association of the Company by deletion of Article 68(ii) and substituting the same by new Article 68(ii).

10. Investment by Foreign Institutional Investors including their sub-accounts (FII’s) in the Share Capital of the Company, by purchase / acquisition from the market under the portfolio investment scheme, on repatriation basis or otherwise, subject to the condition that the total holding of all FIIs put together shall not exceed 49% of the Paid-up Share Capital of the Company.

De-listing the equity shares of the company from the Delhi Stock Exchange Association Ltd, The Ahemadabad Stock Exchange Ltd, The Calcutta Stock Exchange Ltd, and The Jaipur Stock Exchange.

Source : Equity Bulls

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