Bartronics India gets BoD OK to raise Rs 262 cr

New Delhi, Jan 3: Bartronics India Ltd, engaged in the automatic identification and data capture (AIDC) business, today said its board has approved the proposed expansion project at a cost of Rs 262 crore for manufacture of smart cards and radio frequency identification (RFID) related products.

The board of directors also approved the resolution for increasing the authorized share capital of the company from Rs 17 crore to Rs 30 crore.

The company will also issue 70,00,000 equity shares of Rs 10 each through Qualified Institutional Placement (QIP) at a price determined by the board.

Besides, the resolutions for issue of 46,30,000 warrants on preferential basis at Rs 130 each and Employee Stock Option Scheme to allot 8,00,000 shares Rs 10 also received the board's nod.

An Extraordinary General Meeting will be convened on January 29 seeking the approval of the members for the resolutions.

Bartronics India Limited offers consulting services, design software, hardware, personalisation and implementation services.

Its product range includes barcode scanners, barcode printers, barcode decoders, smart card readers, data collection terminals and portable transaction computers, radio frequency (RF) and infrared (IR)-based equipment and access control systems.

It also provides polyvinyl chloride (PVC) cards, magnetic cards, smart cards and contactless/proximity cards to its clients worldwide.

UNI