World Bank's private sector financing arm International Finance Corporation will lend $8.5 million to Modern Dairies. The dairy company has entered into a 'Loan Agreement' with International Finance Corporation (IFC) for an External Commercial Borrowing of $8.5 million (about Rs 36 crore) subject to RBI approval, Modern Dairies said in a filing to the Bombay Stock Exchange. The dairy firm had announced that it has entered into a 'Subscription Agreement' and a 'Shareholder Agreement' with IFC, under which IFC would acquire 46.50 lakh shares of Modern Dairies for Rs 27.90 crore. Ernst & Young acted as financial advisor to Modern Dairies on the transaction.   more »

International Finance Corp (IFC), a World Bank arm, will invest $15 million in Mumbai-based pharmaceutical outsourcing company Hikal by way of equity participation. The equity will be offered on a preferential allotment basis to finance Hikal's expansion plans, the company said in a regulatory statement on Friday. Hikal specialises in crop protection products and specialty chemicals, and exports active pharmaceutical ingredients and intermediates to the US, Europe and Japan.   more »