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.