ICSA India plans to allots 45 lakhs Fully Convertible Warrants

Mumbai: ICSA (India) Ltd, (BSE: 531524), provider of embedded technology solutions and infrastructure deployment services for the power sector, in its board meeting today has decided to allot up to 40,00,000 Fully Convertible Warrants (FCWs) to the Promoter Group and 5,00,00 FCWs to the persons in the non- promoter group on preferential basis. This decision, however, stands to seek approval of the members at the company's upcoming Annual General Meeting (AGM).

Commenting on the decision, Mr. G. Bala Reddy, Managing Director, ICSA (India) Ltd said "Our decision to release 45 lakhs fully convertible warrants holds significance in the view of our expansion plans and consolidate promoter holding. We are definite that the decision will be approved at the AGM and will yield positive results for the company."

The stock was trading at Rs.145, up by Rs.0.85 or 0.59%. The stock hit an intraday high of Rs.145.50 and low of Rs.144.40.

The total traded quantity was 3149 compared to 2 week average of 153522.

Source : Equity Bulls

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