ICSA to issue FCCBs worth $ 24 mn to Goldman Sachs

Hyderabad, Mar 8: ICSA (India) Ltd, an embedded technology and electrical infrastructure solutions provider for the power, oil and gas sectors, today announced that it will issue Foreign Currency Convertible Bonds (FCCBs) worth USD 24 million to Goldman Sachs.

The FCCBs would be converted at a 40 per cent premium to the market price within five years, a release here said.

Board of Directors of ICSA also approved the granting of 3.5 lakh fully convertible warrants to Goldman Sachs. The promoters of the company would also be issued four lakh warrants, which would be converted into equity.

With this, total investment by Goldman Sachs into the company would go up to USD 46 million, besides 3.5 lakh fully convertible warrants.

This investment would help fund the company's infrastructure plans, enhanced investment in Research and Development and future acquisitions, the release added.

UNI