The board of Northgate Technologies in its meeting on 16 July 2012 has approved the composite scheme of arrangement and amalgamation between Northgate Technologies, Northgate Com Tech and Green Fire Agri Commodities.
The board has approved issuance and allotment of 4,70,89,846 equity shares of Rs 10 each of the company to Stampede Holdings (the shareholder of Green Fire Agri Commodities).
The board has approved reorganization and reduction of share capital by Rs 9 (including 4,70,89,846 equity shares allotted to Stampede Holdings) without any payment to holders of equity shares of the company. Consequently upon reorganization of equity share capital, the face value and paid up value per share is Re 1.
The board has approved the name change of the company from Northgate Technologies to Green Fire Agri Commodities.
Further, the board has appointed G Linga Murthy and Vishal Shyam Gurnani as additional directors of the company with effect from 16 July 2012.