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.