The Hindu Business Line : Trinity buying 1.66% stake in Phoenix Mills

In a statement to the London Stock Exchange, Trinity said that it would be acquiring 3.7 lakh shares for a sum of Rs 59.2 crore, at a price of Rs 1,600 per share. This would be at a discount to the market price of Phoenix Mills, which is about Rs 1,900.

Other investors

According to the statement, Deutsche Bank and Americorp would also be investing in Phoenix Mills along with Trinity.

The investment would give Trinity the opportunity to participate in the growth of Phoenix Mills and to take advantage of opportunities to invest in future projects and entity level financings. In addition, the investment in Phoenix enhances Trinity's retail portfolio in India's rapidly expanding retail sector, the statement said.

Phoenix Mills is involved in seven retail-led developments, covering 15 million sq ft and will be actively engaged in the development and management of Trinity's own retail projects.

In April 2007, the merger of Phoenix Mills with the Ashok Ruia group, a developer of retail complexes and hotels, was announced. The merger is likely to be completed by October.

The stock of Phoenix Mills rose 2.63 per cent to close at Rs 1,950 on the BSE on Friday.

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