Home / Markets / News / Phoenix Mills up 6% on Rs 1,100 cr QIP; Govt of Singapore picks 4.3% stake

Phoenix Mills up 6% on Rs 1,100 cr QIP; Govt of Singapore picks 4.3% stake

Phoenix Mills said it intends to use the net proceeds towards funding growth opportunities including investing in existing and proposed business ventures, acquisitions, & debt service obligation

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Pursuant to the QIP allotment, the paid-up equity share capital of the company stands increased to Rs 34.32 crore consisting of 17.16 crore equity shares.

SI Reporter New Delhi

5 min read Last Updated : Aug 24 2020 | 11:58 AM IST

Shares of real estate developer The Phoenix Mills jumped nearly 6 per cent to Rs 737.15 per share on the BSE on Monday after the company raised Rs 1,100 crore via its Qualified Institutional Placement (QIP).

The company said, it has raised about Rs 1,100 crore through QIP of 1.81 crore equity shares at Rs 605 each. Phoenix Mills allotted 74.38 lakh shares (or 40.91 per cent of the total shares offered in the issue) to Government of Singapore, 12.39 lakh shares (or 6.82 per cent of the total shares offered in the issue) to ICICI Prudential Mutual Fund, 12.39 lakh

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