ICSA India to use FCCB proceeds to acquire companies

With reference to the earlier announcement dated April 04, 2007 regarding the Preferential allotment and FCCB issue passed at Extraordinary General Meeting, ICSA India Ltd has announced that the end use of proceeds to be raised by issue of FCCBs will be utilized towards:

1. Infrastructure & R&D

2. Capital Expenditure

3. Acquisition of Companies Abroad

Apart from the above, the proceeds from Fully Convertible warrants to be issued, will also be utilized for Working capital requirements of the company.

Source : Equity Bulls

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