Goldman Sachs and Citigroup Venture International Growth Partnership Mauritius (CVC) are likely to pump in USD 52 million (about Rs 2,340 million) in the Hyderabad-based ICSA (India), an embedded software products company that provides solutions for power and gas supply networks, reports Business Line.
The ICSA chairman and managing director, G. Bala Reddy, said that the move follows a decision by its board to offer private placement of equity and also raise funds through foreign currency convertible bonds (FCCBs).
The funds raised would be utilised for working capital requirements, expansion and R&D and significantly for overseas expansion, with the possibility of some acquisitions.
Shares of ICSA closed at Rs 1,110.05. Total volumes of shares traded on BSE was 57,400. (Thursday).