Date:01/10/2004 URL: http://www.thehindubusinessline.com/2004/10/01/stories/2004100102711300.htm

Back MosChip to hike authorised capital

Our Bureau

Hyderabad , Sept. 30

MOSCHIP Semiconductor Technology Ltd, a system on chip design house, has informed the Bombay Stock Exchange that the company has decided to increase the authorised share capital from Rs 35 crore to Rs 40 crore and allot warrants to MOS Group.

Alongside this, at the company annual general meeting (AGM) held here, the members approved the delisting of the equity shares from the Hyderabad Stock Exchange and alteration of the Article of Association of the Company upon increase in authorised share capital of the company.

The AGM also decided to create a new Employees Stock Options Scheme-2004 and to allot in one or more tranches to MOS Group LLC, USA, 200,000 convertible warrants of the face value of Rs 10 each, at a price of Rs 35 per share which includes a premium of Rs 25.

Meanwhile, the company shares have been heavily traded on the stock exchanges and on Monday alone the volumes reached about 27 lakh shares. Flextronics Semiconductor Inc is learnt to have transacted in the company shares. However, details are awaited.

Two of the company strategic investors - Flextronics Semiconductor Inc and ESS Technology, Inc, hold about 10 per cent of the company stock with the latter having over 6 per cent stake.