Jul 26, 2010

ICSA promoters to increase stake by 6%

The promoters of ICSA (India) Limited will increase their stake in the company by acquiring six per cent more equity, spending Rs 67 crore.

“The stake of promoters would go up to 27 per cent from the present 21 per cent. We may acquire the shares at Rs 145 a share of Rs two each,” Mr G. Bala Reddy, Managing Director of ICSA (India), said.

Financial institutions own 38 per cent and the public, 25 per cent, in the Hyderabad-based company.

It registered a turnover of Rs 1,245 crore and a profit of Rs 121 crore in 2009-10.

New facility
Addressing a press conference on Saturday after the inauguration of the five-acre smart energy meter (SEM) manufacturing facility at Pashamailaram in Medak district, he said the Rs 26-crore facility could manufacture 18 lakh meters a year.

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