UK-based investment firm Trinity Capital Plc on Friday said it will pick up about 1.66 per cent stake in Phoenix Mills for Rs 59.2 crore. Trinity would acquire 3.7 lakh shares for an aggregate of Rs 59.2 crore at a price of Rs 1,600 per share, the company said in a filing to the London Stock Exchange (LSE). The price to be paid by Trinity would be at a discount against the market price of Rs 1,900.
Deutsche Bank and Americorp would also be investing in Phoenix Mills alongside Trinity, the statement said. The investment would help Trinity to participate in the growth of Phoenix Mills and invest in future projects and entity level financings, it said.
Phoenix Mills is currently involved in seven retail-led developments covering 15 million square feet and is a mall operator, who would be involved in the development and management of Trinity's own retail projects.
The seven market cities, which Phoenix Mills plans to develop are Mumbai, Chennai, Thane, Pune, Raipur and Bangalore.
(Source: Economic Times)
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