Also secures USD 55 million investment from Proterra Partners
Future Consumer Enterprise announced that International Finance Corporation (IFC) will invest US$20 million (Rs 134 crore) through equity linked instruments. For the said purpose, the Board has proposed to issue and allot equity linked securities to International Finance Corporation.The investment from IFC will aid the company in fueling its growth plans and further strengthening its balance sheet. The Company had also recently secured an investment of US $ 55 million from US based Proterra Partners (previously known as Black River Asset Management) and the promoters of the Company and this completes the current fund raising plan of US$75 million.
IFC and Proterra Partners join other marquee institutional investors such as Brussels-based Verlinvest, Singapore-based Arisaig Partners who have invested in the company.
The Board of Directors of the Company at its Meeting held on May 19, 2015 has, inter alia decided to:
1. Raise up to Rs 134 crore through the preferential allotment of Compulsorily Convertible Debentures (CCDs) at a face value Rs 100,000 per CCD to IFC and 100 Equity Shares
2. The CCDs are convertible into equity shares of FCEL within a period not exceeding 18 months from the date of issue of CCDs, at conversion price of Rs 22.73 per share
FCEL has convened an Extraordinary General Meeting on 17 June 2016 at Mumbai for obtaining the Shareholder approval.
Powered by Capital Market - Live News
