Deutsche Securities increases stake in ICSA India

July 10th, 2008 - 8:27 pm ICT by IANS  

Mumbai, July 10 (IANS) Deutsche Securities Mauritius Ltd Thursday acquired an additional 2.08 percent stake in software firm ICSA India Ltd from the open market to raise its total holdings to 7.16 percent. “The growing trust and belief in the company strengthens our resolve to grow by leaps and bounds,” said ICSA India chairman and managing director Bala Reddy.

Swiss Finance Corp, Abu Dhabi Investment Authority, the Singapore government, Goldman Sachs, Merrill Lynch and Morgan Stanley are among the existing stakeholders of the company.

Earlier this year, Goldman Sachs invested $46 million through foreign currency convertible bonds (FCCBs) apart from acquiring 350,000 convertible warrants.

ICSA provides technology solutions for the power, oil, water and gas sectors and helps them identify transmission and distribution losses, and also monitor power and oil consumption using the GSM network.

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