IFC to lend $8.5 mn to Modern Dairies
World Bank's private sector financing arm International Finance Corporation will lend $8.5 million to Modern Dairies.
By PTI |
MUMBAI: World Bank's private sector financing arm International Finance Corporation will lend $8.5 million to Modern Dairies.
The dairy company has entered into a 'Loan Agreement' with International Finance Corporation (IFC) for an External Commercial Borrowing of $8.5 million (about Rs 36 crore) subject to RBI approval, Modern Dairies said in a filing to the Bombay Stock Exchange.
Yesterday, the dairy firm had announced that it has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC, under which IFC would acquire 46.50 lakh shares of Modern Dairies for Rs 27.90 crore.
Ernst & Young acted as financial advisor to Modern Dairies on the transaction.
IFC had earlier expressed an interest in providing a loan of up to $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 Modern Dairies at Rs 37.15, up 2.06 per cent on the BSE.
The dairy company has entered into a 'Loan Agreement' with International Finance Corporation (IFC) for an External Commercial Borrowing of $8.5 million (about Rs 36 crore) subject to RBI approval, Modern Dairies said in a filing to the Bombay Stock Exchange.
Yesterday, the dairy firm had announced that it has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC, under which IFC would acquire 46.50 lakh shares of Modern Dairies for Rs 27.90 crore.
Ernst & Young acted as financial advisor to Modern Dairies on the transaction.
IFC had earlier expressed an interest in providing a loan of up to $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 Modern Dairies at Rs 37.15, up 2.06 per cent on the BSE.
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