Northgate's shareholders approve FII allotment

Hyderabad, Oct 25 (UNI) Northgate's shareholders today approved allotment of 2.45 million equity shares on preferential basis to Foreign Institutional Investors (FIIs) for a total consideration of Rs 1,216.87 million.

A company release said Northgate's shareholders also approved increase of its authorised equity share capital to Rs 230 million from Rs 180 million.

The funds so raised would be used for the expansion of business activities in emerging markets like China and India besides USA and UK, the release added.

"Of the 2.45 million equity shares, 6.33 lakh equity shares will be alloted to UBS Securities Asia Ltd and Macquarie Bank Ltd at a price of Rs 497.28 per share.

Balance equity shares would be allotted to Copthall Mauritius Investment Ltd, India Capital Fund Ltd and India Institutional Fund Ltd.

On allotment of the said equity shares to FIIs, total shareholding of FIIs would reach 25.66 per cent.

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