The Hindu Business Line : ICSA to hike authorised capital

ICSA India Ltd has announced its decision to increase the company's authorised capital of Rs 7.5 crore divided into 75,00,000 equity shares of Rs 10 each to Rs 10 crore divided into 1,00,00,000 equity shares of Rs 10 each.

The company board, which met here on Thursday, decided to issue 13,40,000 fully convertible warrants (FCW) of Rs 10 each on preferential allotment basis at an issue price of Rs 400 per warrant.

In a statement, the Managing Director, Mr G. Bala Reddy, informed that the board on Thursday decided to allot the promoters and associates (G. Bala Reddy and G. Lalitha) 5,00,000 FCWs convertible into equity shares in one or more tranches along with allotment of 8,40,000 FCWs to Tata Share Registry Ltd, Darashaw & Co and others also in one or more tranches.

In addition, the company board has decided to issue 60,000 options on preferential basis under ESOS/ESOP to its employees.

Alongside, the company has announced that it has shifted the registered office from Banjara Hills to Jubilee Hills, Hyderabad from December 1.

Mr Reddy told Business Line that the company expected to raise about Rs 56 crore. Of this, Rs 5.6 crore would be raised immediately. The proceeds of this issue will be deployed in providing embedded technology solutions and technology solutions for power utilities and augment working capital.

The company is slated to hold its extraordinary general meeting on December 28.

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