The Phoenix Mills Limited announced that it expects to receive INR 250 million in funding from Ashok Apparels Private Limited
July 12, 2020
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The Phoenix Mills Limited (BSE:503100) announced a private placement of 1,562,500 prepaid warrants of face value INR 2 per warrant at an issue price of INR 160 per warrant for gross proceeds of INR 250,000,000 on July 13, 2020. The transaction will include participation from returning investor Ashok Apparels Private Limited. Each warrant shall be convertible into one equity share at a price of INR 480 per share and the conversion option can be exercised at any time during the period of 18 months from the date of allotment of warrants in one or more tranches, as the case may be, on such other terms and conditions as applicable. The company will receive 25% of the total amount as upfront payment at the time of allotment of warrants and the remaining 75%, which is INR 750,000,000 will be paid on or before 18 months. The transaction has been approved by the capital raising committee of the board of directors and is still subject to approval of shareholders in a meeting to be held on August 13, 2020.
The Phoenix Mills Limited is an India-based real estate development company. The Company is engaged in the development and leasing of commercial and retail space. The Company operates through two segments: Property and related services and Hospitality. The Property and related services segment are engaged in providing mall /office areas on license basis and development of commercial / residential properties. The Hospitality segment is engaged in the operation of hotels and restaurants. Its retail projects include Phoenix Palladium, Mumbai; Phoenix Marketcity, Pune; Phoenix Mall of the Millennium, Pune and Palladium, Chennai. Its commercial projects include Art Guild House, Mumbai; The Centrium, Mumbai; Fountainhead Tower 1, Pune; Fountainhead Tower 2, Pune; Fountainhead Tower 3, Pune and Phoenix House, Mumbai. Its hospitality projects include The St. Regis, Mumbai and Courtyard by Marriott, Agra. Its residential projects include One Bangalore West and Kessaku, Bangalore.