J. Sagar Associates (JSA) advised The Phoenix Mills Limited (“Phoenix”) in relation to their qualified institutions placement. Phoenix had filed a placement document on August 21, 2020, for issue of 18,181,818 equity shares to qualified institutional buyers aggregating to approximately ₹ 1,100 crore (the “Issue”). CLSA India Private Limited, HSBC Securities and Capital Markets (India) Private Limited, Kotak Mahindra Capital Company Limited and UBS Securities India Private Limited acted as the lead managers to the Issue (the “BRLMs”).
This QIP was another all-virtual transaction amidst the ongoing COVID-19 pandemic.
Phoenix are one of India’s leading retail asset developers, owners and operators, with the largest retail portfolio among listed companies in India. Their existing real estate portfolio primarily comprises retail-led, mixed-use developments in prime locations, together with commercial office and residential developments as well as hospitality projects. Their completed and under-construction developments include retail mall, commercial offices, hotel and residential properties in Mumbai, Chennai, Bengaluru, Pune, Lucknow, Bareilly, Agra, Ahmedabad and Indore. They were one of the first real estate developers in India to transform a textile mill property into a modern, multi-use retail-led integrated development – the High Street Phoenix and Palladium mall in Lower Parel, Mumbai. They are also the owner and developer of two completed luxury hotels, The St. Regis in Mumbai and the Courtyard by Marriot in Agra.
JSA Team comprised Partner – Arka Mookerjee; Principal Associate – Siddhartha Desai; and Associates – Ananth Balaji, Kairav Parikh and Kinjal Shah.
Siddhartha specializes in public and private Capital Market transactions. He has advised various issuers, underwriters and selling shareholders on equity offerings such as initial public offerings, rights issues, qualified institutions placements, institutional placement programmes & infrastructure investment trusts (InvITs), and debt offerings such as non-convertible debenture issuances.