Future Consumer down 3%, IFC to invest Rs 134cr in company

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Moneycontrol BureauShares of Future Consumer Enterprise declined 3 percent intraday Friday as International Finance Corporation (IFC) will invest USD 20 million in the company."IFC will invest USD 20 million (Rs 134 crore) through equity linked instruments in the company and for the said purpose, the board has proposed to issue and allot equity linked securities to IFC," as per company release."The investment from IFC will aid the company in fueling its growth plans and further strengthening its balance sheet," it added.The company had recently secured an investment of USD 55 million from US based Proterra Partners and the promoters of the company and this completes the current fund raising plan of USD75 million.The company at its meeting held on May 19, 2015 has decided to raise up to Rs 1,340 million through the preferential allotment of compulsorily convertible debentures (CCDs) at a face value Rs 100,000 per CCD to IFC and 100 equity shares.The CCDs are convertible into equity shares of Future Consumer Enterprise within a period not exceeding 18 months from the date of issue of CCDs, at conversion price of Rs 22.73 per share.The company has convened an extraordinary general meeting on June 17, 2016 for obtaining the shareholders approval.At 09:29 hrs Future Consumer Enterprise was quoting at Rs 21.25, down Rs 0.50, or 2.30 percent on the BSE.Posted by Rakesh Patil