The Hindu : Business / Briefly : ICSA EGM approves $52 m infusion

Online edition of India's National Newspaper
Tuesday, Feb 13, 2007
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Business

Business - Briefly

ICSA EGM approves $52 m infusion

HYDERABAD: The extraordinary general meeting of ICSA (India) Ltd., a Hyderabad-based provider of embedded technologies and electrical infrastructure solutions to power, oil and gas sectors, has approved a foreign investment of $52 million. In a press release, the company said that Citigroup Venture Capital International Growth Partnership Mauritius Ltd. (CVC) would acquire a 14 per cent stake in the company with an investment of $30 million and join the board of directors. Goldman Sachs would also invest $22 million in ICSA through foreign currency convertible bonds. The current FII holding in ICSA was 25.37 per cent.

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