Future Consumer Enterprise Limited (FCEL) announced bagging an investment of Rs. 134 crore from the World Bank's investment arm International Finance Corporation (IFC).
A part of Kishore-Biyani's Future group, FCEL entered into an agreement with IFC and as part of that it would issue equity shares to the World Bank arm at a price of Rs. 22.73.
In a regulatory filing, the company announced that it was entering into an investment agreement with IFC dated July 1, 2016, for the proposed issue of CCDs and equity shares to IFC as per the terms and conditions agreed under the said investments agreement.
Moreover, as per the terms and condition of the agreement, IFC would have a right to nominate one director on the FCEL's board.
IFC is the largest global development institution focused exclusively on the private sector in developing countries.
Being a member of the World Bank Group, it offers investment, advisory and assets management services to encourage private sector development in the developing countries.
