ICICI Venture Picks Up 6.38 Per Cent In Geometric Software For $10 Million
Sun, 04/23/2006 - 23:57 — Sahad P VICICI Venture Funds Management has acquired 6.38 per cent in Geometric Software Solutions for Rs 45.4 crore ($10 million). The company will issue 3.86 million equity shares at Rs 117.66, at a face value Rs 2 per share to ICICI Venture. Geometric was advised by Enam Financial on this transaction.
Geometric plans to utilise the proceeds to fund its inorganic growth plans, and it is actively scouting for acquisitions in the engineering services space, a Geometric Software release said. Meanwhile, in a statement to the Bombay Stock Exchange, the company said that it was "prospecting the acquisition of an engineering services business". It has already signed a term sheet, and the company will fund this transaction through a mix of debt and equity. [Via Business Standard]
