Goldman Sachs, the biggest independent Wall Street firm, has purchased an additional Rs 35.75 crore worth stake in ICSA India, an embedded technology and electrical infrastructure solutions provider for the power, oil and gas sector.

The warrants were converted at a price of Rs 227 each, which reflects a premium of 28% on company's stock price.

Goldman was allotted 1.75 million shares in ICSA raising the investment banks' stake to 5.7 per cent. The group had paid 10% of the value earlier, or at the time it was issued the warrants.

Global financial services provider Goldman Sachs did this by exercising an option to convert warrants into equity.

The Group’s move comes at a time when ICSA's stock has plunged 72% since January and the benchmark Sensitive index has dropped 44 % in the period.

ICSA is 51 per cent owned by foreign institutional investors. The company designs and develops embedded solutions, infrastructure solutions, and software applications for the power, gas, and water sectors in India.