The Future Consumer Enterprise Limited (FCEL) has said that it would be raising Rs 134 crore from the World Bank’s investment arm International Finance Corporation (IFC).

FCEL which is a part of Kishore-Biyani’s Future group has entered into an agreement with IFC and as part of that it would be issuing equity shares to the world bank arm at a price of Rs 22.73.

The Future group has said in a regulatory filing that “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.”

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

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