The Hindu : GTSL allots shares against warrants

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Saturday, Jan 04, 2003

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GTSL allots shares against warrants

By Our Special Correspondent

HYDERABAD JAN. 3. Goldstone Teleservices (GTSL) has announced the allotment of 28.25 lakh equity shares on conversion of warrants issued to promoters earlier this year, and its intention to use the Rs. 4.32 crores that will accrue thus, for a major expansion of its BPO operations.J. A. Rao, Director, GTSL, said in a release on Friday that the shares were allotted at the rate of Rs. 17 per share comprising face value of Rs. 4 and premium of Rs. 13 per share. The decisions were taken at a board meeting here, he said.

Mr. Rao said Goldstone BPO, a division of GTSL, started operations of its 200 seater `International contact centre' in November in Hyderabad. The board considered the business plan and approved the proposal to expand the capacity of the centre from 200 to 1,000 over the next 18 months.

The Goldstone group recently invested over 10 per cent equity of a Nasdaq listed company, and is planning to enter into a strategic relationship extending to business relationship to Goldstone BPO, which would ensure sufficient business inflow into the organisation for the increased capacity, he said.

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