 "Biyani's Future Consumer raises Rs 300 cr from Black River")
"The company has entered into an investment agreement with Black River Food 2 Pte. Ltd dated January 25, 2016, for the proposed issue of compulsorily convertible debentures (CCDs) and equity shares to Black River," Future Consumer Enterprise said in a BSE filing.
"Black River has agreed to subscribe to CCDs and equity shares proposed to be issued by the company for an aggregate amount of Rs 301.50 crore ($45 million)," it added.
More From This Section
In December, Future Consumer had said it plans to raise around Rs 368 crore from promoters and PE fund Black River Food 2 Pte Ltd to finance expansion and business initiatives.
Besides, the move will help improve costs and maturity profile of existing debt.
Black River will have right to nominate one director on the Board of Directors of the company.
FCEL is an integrated food company with operations that range from sourcing of basic food items such as (rice, wheat, spices and pulses) grading, processing, packaging and turning these and more categories (dairy and bakery, juices, frozen foods, snacks, ready to eat meals, dips and sauces) into brand.