Deal Closed | Phoenix Mills Limited | Project Financing

The details of the deal are as under:

Sector:  Real Estate / Private Equity 

Announcement Date: 27-May-2021 

Name of Client: Phoenix Mills Limited 

Deal Description: The Phoenix Mills Limited and Canada Pension Plan Investment Board have undertaken to further fund Island Star Mall Developers Private Limited through a rights issue to enable to deploy funds towards construction and development of its retail-led mixed use development projects. 

Total Consideration: USD 111 million 

Team Members: Siddharth Shah (Partner), Vineet Shingal (Partner), Kumar Kartikeya Prakash (Partner), Aman Dwivedi (Senior Associate) and Yash Kumar (Associate) 

Role of Firm: Assisted Island Star Mall Developers Private Limited a project company, to undertake a rights issuance of its shares to The Phoenix Mills Limited and the Canada Pension Plan Investment Board, aggregating to INR 8 billion, for deploying funds towards construction and development of its retail-led mixed-use development projects. The Phoenix Mills Limited and Canada Pension Plan Investment Board will continue to hold 51% and 49% equity shares in Island Star Mall Developers Private Limited, respectively. The Firm will also assist the client to achieve completion of the proposed investment.