Modern Dairies to allot shares to IFC at Rs 60

Modern Dairies Ltd has announced that in furtherance to the approval of shareholders as granted by them in their Extraordinary General Meeting held on June 23, 2008 and upon International Finance Corporation (IFC) obtaining their Board approval, the Company has entered into "Subscription Agreement" and "Shareholder Agreement" with International Finance Corporation on July 01, 2008.

IFC shall be subscribing to 46,50,000 shares at the price of Rs 60 per share, price being not less than the SEBI price.

A meeting of the Allotment Committee of Directors of the Company shall be held on July 08, 2008 to allot 46,50,000 equity shares to IFC @ Rs. 60 per share, subject to the receipt of the subscription amount from IFC.

Ernst & Young acted as Financial Advisor to Modern Dairies Ltd on the transaction.

Source : Equity Bulls

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