The board of directors of ICSA India, which met today, approved a proposal to issue $22 million foreign currency convertible bonds (FCCBs) to Goldman Sachs International, London.According to a release issued by ICSA to the BSE today, the meeting also approved a proposal to increase equity holdings of FIIs from the existing 49% to 74%.The meeting also approved preferential allotment of up to 2,84,000 convertible warrants to Citigroup Venture Capital International Growth Partnership Mauritlus and certain co-investment trusts, and preferential allotment of up to 11,10,300 equity shares to Citigroup Venture Capital International Growth Partnership Mauritius and certain co-investment trusts."The relevant date has been taken as January 12, 2007 for the purpose of allotment of warrants, equity shares and FCCBs," the release added.
