IFC to acquire 46.50 lakh shares of Modern Dairies
International Finance Corporation (IFC) will be acquiring 46.50 lakh shares of Modern Dairies for Rs 27.90 crore.
By PTI |
MUMBAI: World Bank's private sector financing arm International Finance Corporation (IFC) will be acquiring 46.50 lakh shares of Modern Dairies for Rs 27.90 crore.
The dairy firm has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC in this regard.
As per the agreement, IFC would be subscribing up to 46.50 lakh shares at Rs 60 each, the Haryana-based firm said in a filing to the Bombay Stock Exchange.
A meeting of the allotment committee of directors of Modern Dairies would be held on July 8, to allot the said number of shares, subject to the receipt of subscription amount from IFC.
The agreement was signed pursuant to the approval from the shareholders of Modern Dairies and IFC board's consent.
Ernst & Young acted as financial advisor to Modern Dairies on the transaction.
Shares of IFC were trading at Rs 35, up 0.86 pc on the BSE in morning trade.
The dairy firm has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC in this regard.
As per the agreement, IFC would be subscribing up to 46.50 lakh shares at Rs 60 each, the Haryana-based firm said in a filing to the Bombay Stock Exchange.
A meeting of the allotment committee of directors of Modern Dairies would be held on July 8, to allot the said number of shares, subject to the receipt of subscription amount from IFC.
The agreement was signed pursuant to the approval from the shareholders of Modern Dairies and IFC board's consent.
Ernst & Young acted as financial advisor to Modern Dairies on the transaction.
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IFC had earlier expressed an interest in providing a loan of up to USD 8.5 million and subscribing to 46.50 lakh shares of Modern Dairies on preferential basis for the expansion of the milk processing capacity of the company. Shares of IFC were trading at Rs 35, up 0.86 pc on the BSE in morning trade.
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