Deal Closed | The Phoenix Mills Limited | Qualified Institutions Placement

Khaitan & Co. Sep 04, 2020

The details of the deal are as under

Sector: Real Estate

Announcement Date: 22-Aug-2020

Completion Date: 22-Aug-2020

Name of Client: The Phoenix Mills Limited

Deal Description: Issue of up to 18,181,818 equity shares of face value of Rs. 2 each by The Phoenix Mills Limited at a price of Rs. 605 per Equity Share, including a premium of Rs. 603 per Equity Share, aggregating up to approximately INR 11,000 million.

Total Consideration: INR 11,000 million (USD 148 million)

Team Members: Sudhir Bassi, Subhayu Sen, Aparna Bagree, Aayush Mohata, Shalina Abhale, Adithyan Sreekumar

Role of Firm: Legal Counsel to the Book Running Lead Managers as to Indian Law

Other legal advisors if any with names of Lead Lawyers

Legal Counsel to the Company as to Indian Law: J. Sagar Associates

Legal Counsel to the Book Running Lead Managers as to United States Federal Securities Law: Sidley Austin LLP

Unique Feature of Transaction

First successful QIP of a real estate company during the COVID-19 lockdown period.
The issuer is predominantly engaged in the operation of malls and commercial real estate properties. In view of the COVID-19 pandemic and its impact on the sector, extensive disclosures were included in the placement documents.
The success of this deal once again demonstrated investor appetite for quality assets.