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IFC to invest Rs 120 cr in Usha Beltron

New Delhi, Sept. 10: The International Finance Corporation (IFC) will invest Rs 120.5 crore in Usha Beltron, the flagship company of the Calcutta-based Usha Martin group, a company statement said.

The statement said out of Rs 120.5 crore, Rs 17.5 crore will come from equity participation accounting for a 14.5 per cent stake and the rest as loans.

The firm will issue 5.35 million equity shares at a premium of Rs 28 on a face value of Rs 5.

“We will gain from the strategic advice of IFC and strengthen our position as a globally competitive company,” chairman B. K. Jhawar said in the statement.

The firm has reported a net profit of Rs 2.6 crore in the first quarter of 2002-03 up by 6.7 per cent (in the year-ago period) and a turnover of Rs 188 crore.

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