Trikona Trinity exits Phoenix Mills at 46 pct loss
Trikona Trinity sold its entire 1.2% stake forRs 30 crore in the open market last week at a price of Rs 170 a share.
AIM-listed India-focused fund house Trikona Trinity Capital has exited Mumbai-based real estate developer Phoenix Mills at a 46% loss on its two-and-half-year-old investment.
It sold its entire 1.2% stake for £3.9 million (Rs 30 crore) in the open market last week at a price of Rs 170 a share. The share price has risen over 10% since then.
Trikona Trinity had acquired the shares in June 2007 for £7.3 million and has exited at an absolute loss of approximately £3.4 million. However, it managed to recoup the sharp drop in valuation that it suffered in the stock market crash between September 2008 and March 2009.
As of March 31, 2009, the value of its investment in Phoenix Mills had whittled down to just £1.7 million. Other PE investors in Phoenix include New Vernon India who held 4% in the company as of September 30.
Phoenix Mills, which has a market cap of Rs 2,700 crore ($580 million), reported consolidated net profit of Rs 76 crore against Rs 43 crore in 2007-08.
Phoenix Mills is into large format retail-led mixed use development of real estate in city centres. Originally, a textile manufacturing company owning large tract of land at Lower Parel in Mumbai, the company was listed in the Bombay Stock Exchange way back in 1959.
It entered into real estate in late 80s and in 1992 built the first multi-storied Phoenix residential towers on the Phoenix Mills Land. Over the last decade, it entered into various ventures to tap opportunities in the entertainment segment, retail malls and commercial space.
-- Copyright 2009 VCCircle.com. All rights reserved.
This content/article is provided by Mosaic Media Ventures Private Limited and not by Reuters. All rights, including copyright, in this content/article provided by VCCircle.com are owned or controlled by Mosaic Media Ventures Private Limited. The content may not be copied, broadcast, downloaded and stored (in any medium), transmitted, adapted or changed in any way whatsoever without the prior written permission of Mosaic Media Ventures Private Limited.
- Tweet this
- Share this
- Digg this
- UPDATE 2-Girl who fatally shot Arizona gun instructor said weapon was too powerful
- UPDATE 1-Girl who fatally shot Arizona gun instructor said weapon was too powerful
- UPDATE 6-Islamic State issues video of beheading of U.S. hostage
- U.S. strikes have slowed Iraq militants but not weakened them - Pentagon
- Comedian Joan Rivers still on life support - daughter
Optimism that sunny growth figures herald an economic revival in India is probably misplaced - in fact there is little hard evidence to support the idea that Asia's third-largest economy is heading for a broader and sustained rebound anytime soon. Full Article
100 days of Modi: Good for business, not so good for marginalised groups. Full Article