The ‘Capital Raising Committee’ of the Board of Directors of The Phoenix Mills Limited at its meeting held today viz. Monday, July 13, 2020, considered and approved, amongst others, the raising of funds not exceeding Rs. 1,100 crore, through issuance of Equity Shares, non-convertible debt instruments along with warrants and convertible securities other than warrants or Global Depositary Receipts (“GDRs”) or Foreign Currency Convertible Bonds (“FCCBs”), (“Specified Securities”), to eligible investors including Foreign Institutions, Corporate Bodies, Mutual Funds, Banks, Insurance Companies, Pension Funds or individuals, either through Qualified Institutions Placement (‘QIP’) and/or on a Preferential basis and/or Private Placement and/or any other permissible mode(s), in one or more tranches, in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and in force (‘SEBI ICDR Regulations’), and as all other applicable regulations, if any, and subject to such other consents / sanctions / approvals, whether regulatory or otherwise, as may be required.
The board also approved issue in aggregate and up to a maximum of 15,62,500 Equity Warrants convertible into a maximum of 15,62,500 Equity Shares having face value of Rs. 2 each at a premium on 638 per share, aggregating to Rs. 100 crore (Rupees One hundred crore only) to Ashok Apparels Private Limited (‘Promoter Group entity’) on a preferential basis in compliance with applicable provisions of SEBI ICDR Regulations. Each warrant shall be convertible into One (1) equity share and the conversion option can be exercised at any time during the period of 18 months from the date of allotment of warrants, as the case may be, on such other terms and conditions as applicable.
