Future Consumer Enterprise Limited (FCEL) July 2, 2016 said it would raise Rs 134 crore from the World Bank’s investment arm International Finance Corporation (IFC).

FCEL, a part of Kishore-Biyani’s Future group, has 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.

“The company has entered 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,” the Future group said in a regulatory filing.

“the shares proposed to be issued to IFC… shall rank pari passu (on an equal footing) with the equity shares of the company”.

Moreover, as per the terms and condition of the agreement, IFC would have a right to nominate one director on FCEL’s board.

IFC is a member of the World Bank Group and is the largest global development institution focused exclusively on the private sector in developing countries.

It offers investment, advisory, and asset management services to encourage private sector development in developing countries.

Source: The Economic Times