Phoenix Mills to consider raising funds

The Phoenix Mills said its board has approved fund raising Rs 1100 crore through issuance of shares, non-convertible debt instruments or other instruments.

The retail mall developer in a regulatory filing made after market hours yesterday said that funds will be raised through issuance of equity shares, non convertible debt instruments along with warrants and convertible securities to eligible investors including foreign institutions, corporate bodies, mutual funds, banks, insurance companies, pension funds or individuals through Qualified Institutions Placement ('QIP') or on a Preferential basis or Private Placement, in one or more tranches.

The company also added that it has agreed to issue a maximum of 15,62,500 equity warrants convertible into a equity shares having face value of Rs 2 each at a premium on 638 per share, aggregating to Rs 100 crore to Ashok Apparels on a preferential basis.

Shares of Phoenix Mills were trading 0.27% higher at Rs 594.55 on BSE.

The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of of eight retail mall assets across major cities in the country. It also has an office portfolio of in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate in Bengaluru and Chennai.

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