The Phoenix Mills Ltd., Retail centred Real Estate Developer has begun to work on its plans to raise around Rs 1,000 crore through a qualified institutional placement (QIP), to bolster its balance sheet and to put a battle chest for distressed asset acquisitions, mentioned by two people aware of the development.
The company’s board had took not too long to accept the decision to raise up to Rs 1,100 crore through equity or debt and, in addition to a decision to raise Rs 100 crore by allotment of convertible warrants.
“Phoenix Mills has appointed CLSA, UBS and Kotak Mahindra Capital to assist it to raise Rs 1,000-1,100 crore. They will hit the market with a QIP, which may very well be launched inside this quarter. It would be the first listed actual property firm to faucet the markets for raising funds through QIP since COVID-19 started,” said the primary particular person cited above, requesting anonymity.
According to the second person cited, the fundraising will not only just strengthen the balance sheet to tide through the financial situation but also take advantage of inorganic alternatives which will come up from the pandemic.

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