Singapore govt invests ₹450 crore in Phoenix Mills share sale

Phoenix Mills has raised ₹1,100 crore through its QIP (PTI)

MUMBAI: The authorities of Singapore has invested 450 crore in the new qualified institutional placement (QIP) presenting of mall developer Phoenix Mills Ltd, the corporation explained in a filing to the stock exchanges.

Mint had reported on Friday that Phoenix Mills has lifted 1,100 crore by way of its QIP.

The government of Singapore was the most important investor in the share sale, contributing virtually 41% of the whole amount of money.

Other main investors in the share share contain domestic institutional buyers this sort of as ICICI Prudential Mutual Fund, SBI Mutual Fund and Aditya Birla Sunlight Life Mutual Fund, according to the inventory exchange filing.

Shares had been issued to these investors at 603 apiece. On Friday, Phoenix Mills shares shut at 697 for each share, up 7.8% from previous close.

Phoenix Mills intends to use the proceeds of the QIP to fund growth alternatives together with investing in existing and proposed business ventures, proposed acquisitions, financial debt services obligations, capital expenditure and working cash requirements.

Investment banking institutions Kotak Mahindra Cash and UBS advised Phoenix Mills on the fundraise.

The Singapore governing administration and its expense arms have been pouring in big sums of funds into outlined Indian corporations, specifically monetary companies providers.

Mint claimed on 19 August that Singapore govt and its expense arms committed a total of $670 million in ICICI Lender Ltd, HDFC Ltd, and Bandhan Bank Ltd in the initially 50 % of August.

Sarah Gracie

About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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