ICSA offers shares to UBS Securities, Merrill Lynch, Morgan Stanle

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New Delhi, Oct 5 (UNI) ICSA India Ltd, the top runners in the mid cap segment, today said UBS Securities Asia Ltd, Merrill Lynch and Morgan Stanley have picked up 3.47 per cent, 3.32 per cent and 1.83 per cent respectively in the company.

UBS Securities was alloted 2,80,665 shares, Merrill Lynch and Morgan stanley 2,68,540 shares and 1,48,292 shares respectively, a statement said.

''It is our privilege to get associated with international investment companies like these. This reasserts the confidence of investors in the long term growth of ICSA,'' said ICSA India Chief Managing Director G Bala Reddy.

The move would help ICSA build further on its strengths for providing products to the global marketplace. There is an immense scope for embedded software products that provide solutions for power and gas supply networks, Mr Reddy added.

Early this year, Goldman Sachs, a global investment bank, invested 46 million dollars through FCCBs, apart from acquiring 3,50,000 Convertible warrants.

ICSA (India) recently declared a final dividend of 38 per cent on equity shares for the financial year 2006-07. It also announced sub-division of its shares where in an equity share with a face value of Rs 10 each has been converted into five equity shares of face value of Rs two each.

The company develops technology solutions for the power, oil, water and gas sectors to identify Transmission and Distribution (T&D) losses and monitor power and oil consumption using the GSM network.


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