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ICICI Securities Report
The Phoenix Mills Ltd. has informed exchanges that the company along with few of its special purpose vehicles has executed definitive documents with GIC Private Equity for the formation of a retail-led mixed-use platform at a pre-money enterprise of Rs 55 billion for specific assets.
These assets include the company’s Mumbai (Kurla) and Pune malls and Mumbai (Kurla) offices that generated FY20 net operating income of Rs 3.7 billion.
GIC PE will initially get a 26.4% equity stake in these special purpose vehicles through fund infusion of Rs 11.1 billion with an option to invest a further Rs 4 billion to take its stake to between 33-36%.
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