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Singapore govt invests Rs 450 crore in Phoenix Mills share sale

IBEF:  August 24, 2020

The Government of Singapore has invested Rs 450 crore (US$ 63.84 million) in the latest qualified institutional placement (QIP) offering of mall developer Phoenix Mills Ltd.

Sor far, Phoenix Mills has raised Rs 1,100 crore (US$ 156.05 million) through its QIP.

The biggest investor in the share sale was the Government of Singapore, contributing almost 41 per cent of the total amount.

The sale also included some major domestic institutional investors such as ICICI Prudential Mutual Fund, SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund, according to the stock exchange filing of the company.

The investors were issued shares at Rs 603 (US$ 8.55) apiece.

Phoenix Mills plans to utilise this proceeding of the QIP in growth opportunities including investing in existing and proposed business ventures, proposed acquisitions, debt service obligations, capital expenditure and working capital requirements.

The advisor for Phoenix Mills were Investment banks Kotak Mahindra Capital and UBS.

It has been seen that the Singapore Government and its investment arms have been flowing in large sums of capital into listed Indian companies, especially financial services companies.

Singapore govt and its investment arms have so far committed a total of US$ 670 million in ICICI Bank Ltd, HDFC Ltd, and Bandhan Bank Ltd in the first half of August.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.