Phoenix Mills to raise up to Rs 1,100 crore

Mumbai: The Phoenix Mills said on Monday its board has approved raising up to Rs 1,100 crore, through issuance of shares, non-convertible debt instruments or other instruments.

In an exchange filing, the retail mall developer said such funds may 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 or individuals, either through qualified institutions placement (QIP), preferential basis, private placement or any other permissible mode, in one or more tranches.

The company also said its board agreed to issue up to a maximum of 15,62,500 equity warrants convertible into shares having face value of Rs 2 each at a premium of Rs 638 per share, aggregating to Rs 100 crore to its promoter entity Ashok Apparels.

Ahead of the announcement, Phoenix Mills shares closed 1.22 per cent lower at Rs 592.95 on the BSE, while benchmark Sensex rose 0.27 per cent to close at 36,693.69.