Goldstone Promoters To Up Stake

Goldstone Exports Ltd (GTL), the main promoter of Goldstone Technologies (GTL), is planning to increase its stake via a preferential allotment. GEL is planning to subscribe to 50 lakh warrants where each warrant is convertible into one equity share at Rs 26.20 each, which means a Rs 13.1 crore investment.
The objects of the proposed allotment, as stated by GTL in its annual report, are to augment resources for long-term working capital and capital expenditure. J A Rao, director for finance, however, said the company is eyeing acquisitions in the US and part of the proceeds will be utilised to meet the acquisition costs.
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First Published: Sep 14 2002 | 12:00 AM IST

