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Hyderabad, March 8

ICSA (India ) Ltd today announced its decision to issue foreign currency convertible bonds (FCCBS) equivalent to $24 million to Goldman Sachs, which would be converted at 40 per cent premium to the market price within five years. The board of directors has also approved grant of 3.5 lakh fully convertible warrants to Goldman Sachs. Alongside, it is proposed to issue four lakh warrants to be converted into equity. This investment would be in addition to already announced $22-million funding by Goldman Sachs recently. With this infusion, the Goldman Sachs investment would go up to $46 million, besides the 3.5 lakh fully convertible warrants.

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