Date:06/10/2007 URL: http://www.thehindubusinessline.com/2007/10/06/stories/2007100652391300.htm

Back UBS, Merrill Lynch, Morgan Stanley pick up stake in ICSA

Our Bureau

Hyderabad, Oct. 5

UBS Securities Asia Ltd, Merrill Lynch and Morgan Stanley have picked up 3.47 per cent (2,80,665 shares), 3.32 per cent (2,68,540 shares) and 1.83 per cent (1,48,292 shares) respectively in ICSA (India), a technology solutions provider for oil, gas and power sectors.

Convertible warrants

The Chairman and Managing Director of ICSA India, Mr G. Bala Reddy, 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.”

This move would help ICSA build further on its strengths for providing products to the global marketplace.

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

ICSA (India) recently declared a final dividend of 38 per cent for 2006-07 and also announced sub-division of its shares wherein an equity share with a face value of Rs 10 each has been converted into 5 equity shares of face value of Rs 2 each.

ICSA (India) shares ended lower at Rs 1,563.80 at the BSE today as against previous close of Rs 1,616.15.