The Rs 185 crore information technology company Rolta India Ltd will issue additional securities for an aggregate amount of $150 million.
The issue could be in the form of American depositary receipts (ADR), global depository receipts (GDR), convertible bonds and private placement in India or overseas.
The total shareholders' fund stands at Rs 217.4 crore.
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The company also plans to issue 1.5 million equity shares of Rs 10 each under employee stock option (Esop). The price of the Esop shall be determined by the closing price of the company's share on the Bombay Stock Exchange (BSE) on the date of issue.
The maximum number of shares to be issued to an employee in any one year would be less than 1 per cent of the issued capital of the company.
The company has also decided to enhance the limit on investment by foreign institutional investors to 40 per cent of the equity share capital of the company. This became essential in order to launch the ADR and GDR.
All these proposals would be placed for shareholders' approval at the company's forthcoming annual general meeting on May 24.
Meanwhile, the company has registered a turnover of Rs 184.85 crore in the year ended December 31, 1999 _ up Rs 64 crore (53 per cent) _ from the previous year. The gross profit generated by the company in the year stands at Rs 72.8 crore, up from Rs 53.4 crore in the previous year.
This was after the company wrote off an amount of Rs 13.17 crore as loss on account of discarded assets, and Rs 3.75 crore written off towards technical fees and preliminary expenses that were earlier amortized over the period of ten years.