Singapore govt invests ₹450 crore in Phoenix Mills share sale1 min read . Updated: 22 Aug 2020, 05:39 PM IST
- The company intends to use the QIP proceeds to fund growth opportunities including investing in existing and proposed business ventures, proposed acquisitions, debt obligations, capital expenditure and working capital requirements
MUMBAI: The government of Singapore has invested ₹450 crore in the recent qualified institutional placement (QIP) offering of mall developer Phoenix Mills Ltd, the company said in a filing to the stock exchanges.
Mint had reported on Friday that Phoenix Mills has raised ₹1,100 crore through its QIP.
The government of Singapore was the biggest investor in the share sale, contributing almost 41% of the total amount.
Other major investors in the share share include 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.
Shares were issued to these investors at ₹603 apiece. On Friday, Phoenix Mills shares closed at ₹697 per share, up 7.8% from previous close.
Phoenix Mills intends to use the proceeds of the QIP to fund growth opportunities including investing in existing and proposed business ventures, proposed acquisitions, debt service obligations, capital expenditure and working capital requirements.
Investment banks Kotak Mahindra Capital and UBS advised Phoenix Mills on the fundraise.
The Singapore government and its investment arms have been pouring in large sums of capital into listed Indian companies, especially financial services companies.
Mint reported on 19 August that Singapore govt and its investment arms committed a total of $670 million in ICICI Bank Ltd, HDFC Ltd, and Bandhan Bank Ltd in the first half of August.