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Jayanta Mallick

Promoters to convert warrants at Rs 400/share

Kolkata , Sept 11

The Hyderabad-based ICSA India, formerly Innareddy Computer Software Associates (India), a technology solutions provider in the power sector, will see enlargement in paid-up equity in January 2007 when promoters and three other investors convert 13.4 lakh warrants issued in January this year.

The warrants would be converted at Rs 400 each into a share. The principal promoter of the company, Mr G. Bala Reddy, told Business Line that around 50 per cent of the warrants are held by two promoters while the rest is held by three existing investors - Mr K.R. Bharat, Mr Sanjay J. Poddar and Mr Satish Sawhney.

The paid-up capital of the company is currently placed at Rs 6.6 crore, up from Rs 6 crore on March 31, 2006.

During the April-June quarter, the company issued six lakh equity shares on conversion of fully convertible warrants (issued on preferential allotment basis).

Out of this, four lakh shares have been issued to Sonata Investment (formerly Reliance Energy Investment Ltd) and two lakh shares to Lloyd George Management Investment (Bermuda) Ltd under sub-account LG Asian Plus Ltd.

The new funds are being used for business expansion in the related areas, Mr Reddy said.

The total order book position of the company stands at Rs 250 crore.

The company has developed products suitable in the field of energy management, audit and control solutions to the power utilities having versatile data acquisition system using GSM communication medium. The remote switching facility developed by the company helps to identify distribution losses.

This information when transferred through wireless (GSM) can be used to reduce T&D losses and monitor power consumption.

The company has deployed several power-related products like substation controllers, distribution transformer controllers and automatic meter reading systems. Their client list includes Reliance Energy, Cesco, Southco, AP Transco and a few Andhra Pradesh utilities.

ICSA India has provisional patent for its distribution transformer monitoring system.

CLSA Merchant Bankers and Goldman Sachs Investments (Mauritius) has picked up 3.02 per cent and 4.11 per cent respectively though the secondary market purchases during this year.

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