| Business Line - 01st Jan 2004 Goldstone
Technologies Ltd, the Hyderabad-based software services company, has passed a resolution
that entitles the company to raise up to $15 million through GDRs (global depository
receipts). It also decided to hike the authorised capital from Rs 20 crore to Rs 30 crore.
After the company board meet on Wednesday, the Executive Director of
Goldstone, K. Vasudeva Rao, told Business Line that "Of the Goldstone's authorised
capital of Rs 20 crore, its paid-up capital stood at Rs 11crore. Upon conversion of
warrants, the capital will go up to Rs 12.5 crore. "Therefore, to augment long term
funds for expansion and to retire debt, the company was in the process of raising funds
through a GDR offer.
"Once the shareholders approve the move, we will be able to
complete the process by March 2004," Rao explained.
"The company management plans to convene a meeting of its
shareholders on February 11 and seek their approval for the proposed offer. We chose the
GDR route as this brings in flexibility while enabling overseas investors to exit when
they would like to as opposed to compulsory lock-in period in other forms of funds
raising," he said.
By a special resolution, the board allotted 4 lakh securities to J.A.
Rao, and 1.5 lakh securities each to Anil Patibandla, Prasad Navaratna, Ranjan B. and
Sandeep Khosla.
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