The Phoenix Mills raises Rs 1,100 cr

New Delhi: Realty player The Phoenix Mills Ltd has raised Rs 1,100 crore by way of sale of shares to institutional investors, including to the Singapore government. It opened its Qualified Institutional Placement (QIP) issue on 18 August 18 which closed on 21 August.

The Singapore Government purchased 74,38,017 shares for Rs 450 crore, accounting for about 41 percent to the QIP proceeds, Phoenix Mills said in a regulatory filing.

Some of the Indian financial institutions that participated in the QIP proceeds include Aditya Birla Sun Life Mutual Fund, ICICI Prudential Mutual Fund and SBI Mutual Fund.

In June, the board of the realty firm had approved raising of money of up to Rs 1,200 crore by way of an issue of securities. 

The company has a number of shopping malls in various parts of the country and some residential projects also. It aims to grow its retail portfolio many times in the next 4-5 years. 

The company suffered a net loss of Rs 52 crore for during the first quarter of the on-going fiscal as against a net profit of Rs 153 crore in the same quarter of the last fiscal. 

The revenue from operations declined 78 percent to Rs 134 crore during the first quarter of the current fiscal as compared to Rs 615 crore in the same quarter of the previous fiscal.