Geodesic to close acquisition in Europe by Dec - MD

MUMBAI (Reuters) - Geodesic Ltd is looking to close an acquisition in Europe by December, Managing Director Kiran Kulkarni said on Tuesday.

The acquisition could cost $15-17 million, he said.

"We are looking to close an acquistion by December. It's in the mobile application space," he added.

Kulkarni also said the acquisition will be funded out of the proceeds of the Foreign Currency Convertible Bonds (FCCB) issue last year.

The company raised $125 million last year and has $113.5 million remaining after it bought back some FCCBs.

(Reporting by Bharghavi Nagaraju; Editing by Sunil Nair)