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Phoenix Mills share gains 5% after firm raises Rs 1,100 crore through QIP

BusinessToday.In     August 24, 2020

Phoenix Mills share price gained over 5% in Monday session as the company raised around Rs 1,100 crore from sale of shares to institutional investors via Qualified Institutional Placement (QIP), including the Singapore government.

The QIP (Qualified Institutional Placement) issue was open for subscription between August 18 till August 21.

Besides Government of Singapore that bought 74,38,017 shares for around Rs 450 crore, contributing almost 41% to the proceeds, ICICI Prudential Mutual Fund, SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund had also participated in the QIP.

Following the updates, Phoenix Mills stock opened at Rs 705.05 and touched an intraday high of Rs 737.15, rising 5.76% on BSE. The stock price of Phoenix Mills also hit low of Rs 700 in the session today.

Phoenix Mills shares have risen 12.31% in the last 3 days of straight gains. Phoenix Mills is trading higher than 5, 20, 50, 100 and 200-day moving averages.

Phoenix Mills stock price has risen 14% in one week and 23% in a month. Market capitalisation of the firm stood at Rs 10,894 crore as of today's closing session.

Earlier in June, the company's board had approved raising of funds up to Rs 1,200 crore through an issue of securities.

The company informed through a regulatory filing, that its capital raising committee of the board has approved the allotment of 1,81,81,818 shares to qualified institutional buyers at the issue price of Rs 605 per share aggregating to Rs 1,099.99 crore.

Phoenix Mills stock price closed 3.96% higher at Rs 724.60 on BSE.

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