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Kishore Biyani’s food firm Future Consumer Enterprise Ltd (FCEL) today said it has raised over Rs 300 crore from private equity fund Black River.
“The company has entered into an investment agreement with Black River Food 2 Pte. Ltd dated January 25, 2016, for the proposed issue of compulsorily convertible debentures (CCDs) and equity shares to Black River,” Future Consumer Enterprise said in a BSE filing.
“Black River has agreed to subscribe to CCDs and equity shares proposed to be issued by the company for an aggregate amount of Rs 301.50 crore ($45 million),” it added.
In December, Future Consumer had said it plans to raise around Rs 368 crore from promoters and PE fund Black River Food 2 Pte Ltd to finance expansion and business initiatives.
Besides, the move will help improve costs and the maturity profile of existing debt.
Black River will have the right to nominate one director on the board of directors of the company.
FCEL is an integrated food company with operations that range from sourcing of basic food items (rice, wheat, spices and pulses) to grading, processing, packaging and turning these and more categories (dairy and bakery, juices, frozen foods, snacks, ready-to-eat meals, dips and sauces) into brands.
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