ICICI Direct: Phoenix Mills’ Asset Monetisation At Favourable Terms
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ICICI Direct Report
Phoenix Mills Ltd. has entered into a non-binding term sheet with GIC affiliates for a strategic retail led mixed use development platform.
The company will contribute Phoenix Marketcity Mumbai, Phoenix Marketcity Pune, Art Guild House (office), Phoenix Paragon Plaza (office) and Centrium Mumbai (office) as a part of the platform.
GIC, on the other hand, will invest by way of a combination of primary infusion and secondary purchase of equity shares for a 26% stake initially at an enterprise value of approximately Rs 5600-5700 crore.
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