IFC, a member of the World Bank Group will invest Rs 210 crore while Verlinvest SA, an investment company of Belgium-based founding families of Anheuser-Busch InBev, will invest Rs 70 crore through preferential allotment of compulsory convertible debentures (CCD), it said in a stock exchange notice on Sunday. IFC holds about 3 per cent stake and Verlinvest has 7 per cent stake in Future Consumer. Existing promoter group will infuse another Rs 70 crore.
"The primary purpose of the fund raising is to fund various expansion plans and business initiatives of the company and improvement of costs and maturity profile of existing debt thereby further strengthening the balance sheet of FCL," the statement added.
The CCDs are convertible into equity shares of the company within 18 months from the date of allotment, at a conversion price Rs 45.02 per equity share.
The board also approved the acquisition of personal care portfolio of Ahmedabad-based cosmeceutical and therapeutic beauty treatment company, Athena Life Sciences, through share swap on a net worth of Rs98 crore. Athena's brands includes Iraya, an ayurvedic personal care brand, Hair for Sure, a hair regrowth treatment, and antidandruff lotion DFree. The acquisition enables FCL to expand its portfolio in highRead More – Source