The Hindu Business Line : Citigroup not to invest in ICSA India

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Hyderabad Feb. 27 Citigroup Venture Capital International Growth Partnership Mauritius Ltd, & other Trusts (Citigroup) are likely to back off from their proposed investment through preferential offer of about $30 million in ICSA India Ltd.

ICSA India has informed the BSE that the board of directors of the company at its meeting held today considered this development wherein the Citigroup decided not to proceed with the preferential allotment of 11,10,300 equity shares of Rs 10 each and 2.84 lakh warrants.

This investment was approved by the ICSA shareholders at the EGM held on February 12, along with another investment of $22 million from Goldman Sachs.

However, ICSA has stated that the transaction with Citigroup could not be completed within the prescribed statutory time limit of 15 days from the date of the EGM due to certain technical reasons.

With the Citigroup backing out and Goldman Sachs committing $22 million, the ICSA board has convened a meeting on March 7 to discuss issue and allotment of FCCBs or other instruments, subject to the approvals, to other investors.

More Stories on : Preferential Allotments | Software | Venture Capital

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