labels: investment - general
Barclays, HSBC, Citi eye stake in Phoenix Millsnews
08 May 2007

Mumbai: HSBC Financial Services, Americorp Ventures, Barclays, and Citi among others are looking to pick up equity stakes in the real estate firm Phoenix Mills through a preferential issue.

According to Monday''s closing price of Rs1721.55 per share, the 23.85 lakh share preferential issue could raise over Rs400 crore, if shareholders of Phoenix Mills and other statutory bodies approve the issue.

As per the special resolution which the shareholders would consider by way of a postal ballot, Citigroup Global Markets is proposed to be allotted 8.66 lakh shares, followed by HSBC Financial Services (Middle East) with 4.15 lakh shares and DWS Invest Bric with 3.20 lakh shares, according to data available in a communique to the Bombay Stock Exchange.

Americorp Ventures (3 lakh shares), Rhodes Diversified (2.62 lakh shares), Barclays Mauritius (1.31 lakh shares) and another Mauritius-based entity DB Fund (90,000 shares) are also proposed to be allotted stakes in the preferential issue.

Phoenix Mills is also seeking shareholders'' approval to raise funds through placement of shares (in one or more tranches) to Qualified Institutional Buyers, for up to Rs1,000 crore, subject to necessary provisions and approvals.

The results of the postal ballot would be announced on May 26.


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Barclays, HSBC, Citi eye stake in Phoenix Mills