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New Delhi, July 2

The World Bank Group’s private sector funding arm International Finance Corporation (IFC) will be acquiring 46.50 lakh shares of Haryana-based Modern Dairies for Rs 27.90 crore. The dairy firm has entered into a ‘Subscription Agreement’ and a ‘Shareholder Agreement’ with IFC in this regard. Under the agreement, IFC would be subscribing up to 46.50 lakh shares at Rs 60 each, Modern Dairies said in a filing to the BSE. A meeting of the allotment committee of directors of Modern Dairies would be held on July 8, to allot the said number of shares, subject to the receipt of subscription amount from IFC. The agreement was signed pursuant to the approval from the shareholders of Modern Dairies and IFC board’s consent.

– Our Bureau

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