Geodesic Ltd is looking to close an acquisition in Europe by December, Managing Director Kiran Kulkarni said on Tuesday. The acquisition could cost USD 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 USD 125 million last year and has USD 113.5 million remaining after it bought back some FCCBs.