ICSA India EGM approves US$ 24 million FCCB Issue

The members at the Extra Ordinary General Meeting (EGM) of ICSA India Ltd held on April 04, 2007, have approved the following:

1. Issue of USD 24 Million Foreign Currency Convertible Bonds (FCCBS).

2. Preferential allotment of upto 3,50,000 nos of 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).

3. Preferential allotment of upto 4,00,000 nos of FCWs to Shri. G Bala Reddy, Promoter, at an issue price of Rs 1,135/- (including a premium of Rs 1,125/- on conversion).

4. The Relevant Date for arriving at the issue price for FCWs and Floor Price for FCCBs to be issued as above, is taken as March 05, 2007.

Source : Equity Bulls

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