Goldstone Technologies' board will meet on December 30 to consider the options of floating a GDR/ADR issue to fund the cost of its acquisitions and expansion plans. The board meeting will also allot warrants/shares on preferential basis to the interested parties specified in terms of the shareholders' resolution at the company's AGM on September 30,2003. The company had taken an enabling resolution to allot 60 lakh shares in September."Because of the one-year lock-in period stipulation, foreign instituional investors (FIIs) and non-resident Indians (NRIs) are not coming forward to participate in the preferential allotments. Hence we decided to go for a ADR or GDR issue, which do not have any lock-in stipulations," Kaipa Vasudeva Rao, the executive director GTL explained. "We will utilise the proposed issue proceeds to fund our expansion plans," he further said. It costs anywhere between $1.5 million to $2 million to set up infrastructure for 200 people. The company had identified a couple of companies for acquisition, Rao added.
