IFC plans $25 m funds for Electrotherm India: Sources

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IFC, the private sector arm of the World Bank Group is mulling to invest USD 25 million in Electrotherm India . The move comes after ICICI Ventures picked 14.9% stake in the company at Rs 600 per share, reports CNBC-TV18.

Sources say that IFC (International Finance Corporation) is to invest USD 25 million in Electrotherm India.  IFC will invest USD 15 million via debt and USD 10 million via FCCB.  

Electrotherm India had planned to raise Rs 200 cr. Recently, ICICI Ventures picked up 14.9% stake for Rs 82 cr at Rs 600 per share. The Board approved issue of upto 33 lakh shares (27% stake) to ICICI Ventures for Rs 198 cr. Promoter holding will come down to 41% from 55%.

Funds will be used for various purposes. The total project cost is estimated at USD 70million over the next two years. Funds are needed to set up a battery unit at Kutch and to set up a 30 MW power plant. YO Bikes capacity is to be increased from 1.20 lakh units to 3 lakh units.  

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