The Hindu Business Line : ICSA gets nod for pref issue

Hyderabad April 4 ICSA India Ltd informed BSE that the company's Extra Ordinary General Meeting (EGM) on Wednesday approved the issue of $24 million worth of Foreign Currency Convertible Bonds (FCCB) and a preferential issue.

The EGM also approved a preferential allotment of up to 3.5 lakh Fully Convertible Warrants (FCWs) to Goldman Sachs International, at an issue price of Rs 1,135, including a premium of Rs 1,125 on conversion and 4 lakh FCWs to Mr G. Bala Reddy, Promoter, at an issue price of Rs 1,135 (including a premium of Rs 1,125 on conversion).

The relevant date for arriving at the issue price for FCWs and floor price for FCCBs has been taken as March 5.

In another statement, the company informed that it has secured work order for Rs 23.17 crore from the Chief General Manager, Projects, APEPDCL, Visakhapatnam to be executed on a 100 per cent turnkey basis under JBIC 2006-07.

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