This Article is From Jul 14, 2020

Phoenix Mills To Raise Up To Rs 1,100 Crore, Stock Edges Lower

Phoenix Mills said, in a regulatory filing on Monday, that its board approved raising funds up to Rs 1,100 crore through the issuance of shares and other instruments.

Phoenix Mills To Raise Up To Rs 1,100 Crore, Stock Edges Lower

Funds would be raised through equity, non-convertible debt, warrants and convertible securities.

Phoenix Mills said, in a regulatory filing on Monday, that its board approved raising funds up to Rs 1,100 crore through the issuance of shares and other instruments. At 9:50 am, the shares of Phoenix Mills were trading lower by 0.6 per cent at Rs 589, on the BSE. The shares had opened the day at Rs 594 and have touched an intra-day high of Rs 595 and a low of Rs 585 thus far.

The funds would be raised through equity, non-convertible debt, warrants, convertible securities other than warrants, global depositary receipts (GDRs) or foreign currency convertible bonds (FCCBs) to eligible investors, including foreign institutions, corporate bodies, mutual funds, banks, insurance companies, pension funds and individuals, the mall developer said.

The company also announced issuance of up to 15,62,500 equity warrants convertible into shares with a face value of Rs 2 each at a premium of Rs 638 a share, aggregating to Rs 100 crore, to the promoter Ashok Apparels.

The BSE Sensex was trading at 36,383, lower by 310 points or 0.8 per cent and the Nifty was at 10,712, down 90 points or 0.8 per cent at the time.

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