 "Singapore government sells 2.9% stake in Phoenix Mills for Rs 670 cr")
Singapore government on Friday sold its 2.9 per cent stake in Phoenix Mills, a retail-led mixed-use developer, for Rs 670 crore through an open market transaction.
Following the deal, shares of Phoenix Mills declined 3.33 per cent to settle at Rs 1,296 apiece on the National Stock Exchange (NSE).
In a bulk deal data transaction on NSE, the Singapore government offloaded more than 51.49 lakh shares, amounting to a 2.88 per cent stake in the firm.
The shares were sold at an average price of Rs 1,300.15 apiece, taking the transaction value to Rs 669.54 crore.
However, the seller(s) of the shares could not be ascertained.
The Singapore government-owned a 4.28 per cent stake in the company as of the December quarter, the latest shareholding data showed with the bourse.
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Phoenix Mills Ltd is India's leading retail mall developer and operator with approximately 0.64 million square metres of retail space spread across six gateway cities of India.
The Mumbai-based firm is the pioneer of retail-led mixed-use developments in India and has developed over 2.11 million square meters spread across retail, hospitality, commercial and residential asset classes.
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