Phoenix Mills inks pact with GIC for mixed-use retail platform; stock up 8%

GIC will invest by way of a combination of primary infusion and secondary purchase of equity shares for a 26 per cent stake initially at an enterprise value of around Rs 5,600-5,700 crore.

Shares of Phoenix Mills traded 8 per cent higher at Rs 742 on the BSE in early morning deal on Wednesday after the company said that the listed company and few of its SPVs have signed a non-binding term sheet with GIC Private Equity (PE) for the formation of a retail-led mixed-use platform.

“The Phoenix Mills and its subsidiaries, Offbeat Developers Private Limited, Graceworks Realty and Leisure Private Limited and Vamona Developers Private Limited, have jointly signed a non-binding term-sheet with an affiliate of GIC Private limited ('GIC'), for formation and development of a strategic retail-led mixed-use platform,” the