Entertainment World Developers Pvt Ltd (EWDPL), a partner firm of Phoenix
Mills, is planning to float a Rs 500-crore initial public offer by end-2009.
According to sources, EDWPL is in the process of filing a draft red herring
prospectus with Securities and Exchange Board of India and finalising merchant
bankers for the issue. After the issue, ICICI Venture is expected to convert
convertible debentures it holds in the company and own a stake of around 15 per
cent. The stake held by Phoenix Mills is expected to come down to 30 per cent
from the 42 per cent it holds in the company.
Currently, EDWPL has two malls in Indore in Madhya Pradesh and is expected to
complete its projects in
Raipur (Chhattisgarh),
Ujjain (Madhya Pradesh) and
Nanded (Maharashtra) by end-2009. By 2011, the company plans to have 13
operational malls in the country.