The Phoenix Mills Ltd, which has many shopping malls across the country, has raised around Rs 1,100 crore through sale of shares to institutional investors, including the Singapore government.
According to a PTI report: The company opened its QIP (Qualified Institutional Placement) issue on August 18 and the issue got closed on Friday. In a regulatory filing, the company informed that the capital raising committee of the board approved the allotment of 1,81,81,818 shares to qualified institutional buyers at the issue price of Rs 605 per share aggregating to Rs 1,099.99 crore.
The Government of Singapore bought 74,38,017 shares for around Rs 450 crore, contributing nearly 41 percent to the QIP proceeds.
ICICI Prudential Mutual Fund, SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund also participated in the QIP. In June, The Phoenix Mills Ltd”s board had approved raising of funds up to Rs 1,200 crore through an issue of securities.