The major Mauritius-based securities service provider company, Deutsche Securities Mauritius Limited, has announced that it and its persons acting in concert have recently increased their stake in ICSA (India) to 5.08 per cent. The officials of the company have stated that they have increased the stake through open market purchase. The sources related to the development have informed that the ICSA (India) is actually a leading player in developing technology solutions for the power, oil, water and gas sectors for identifying the transmission and distribution (T&D) losses.
While talking about Deutsches recent stake increase in the ICSA (India), the Chairman and Managing Director of ICSA (India), Mr. Bala Reddy said, "The growing trust and belief in the company strengthens our resolve to grow by leaps and bounds". The sources from the company have informed that the existing stakeholders of the company include the likes of Merrill Lynch, the Government of Singapore, UBS and Morgan Stanley. The sources added that the Goldman Sachs did make an investment of $46 million in the company, earlier this year and it made the investment through FCCBs. The company also acquired 3,50,000 convertible warrants, at the same time.