| Phoenix Mills raises Rs 318cr via pref issue |
| BS Reporter / Mumbai June 13, 2007 |
| The board of Phoenix Mills has approved the preferential allotment of 19,85,756 equity shares of Rs 10 each for cash at a price of Rs 1600 (including a premium of Rs 1590 per equity share) aggregating to Rs 317,72,09,600 at its board meeting held on June 9, 2007. According to an official release issued by the company to the BSE today, the company plans to utilize the proceeds of the issue towards acquisition and development of various Market City projects, retirement of high cost debt and infusion of equity in various Market City SPVs. Market City is a unique concept developed by Phoenix, which are city centric, large-size mixed format retail developments of approximately 2 million square feet. The company is currently scouting the property market to identify suitable locations across the country for their development. It intends to set up about 10 Market Cities across metros and relatively smaller retail format developments of about 1 million sq. ft. in Tier II cities across the nation. The preferential allotment has been made to multiple investors that include: DWS Invest Bric Plus |
