Date:08/02/2005 URL: http://www.thehindubusinessline.com/2005/02/08/stories/2005020802180500.htm

Back MosChip to hike capital, raise $12 m through GDR issue

Our Bureau

Hyderabad , Feb. 7

MOSCHIP Semiconductor Technology Ltd has informed the Bombay Stock Exchange that its board of directors has resolved to hike authorised capital and raise up to $12 million through issue of global depository receipts.

This additional fund infusion is aimed at meeting future working capital requirement, capital expenditure and for other corporate purposes, the BSE was informed in a statement.

The board at its meeting has, subject to the approval of the shareholders of the company in its general meeting, approved the increase in the authorised share capital of the company from Rs 40,00,00,000 divided into 4,00,00,000 (40 lakh) equity shares of Rs 10 each to Rs 55,00,00,000 divided into 5,50,00,000 (55 lakh) equity shares of Rs 10 each.

This hike in MosChip Semiconductor capital would be by the creation of additional 1,50,00,000 (15 lakh) equity shares of Rs 10 each to accommodate the issue of shares underlyingGDRs.