Phoenix Mills, a real estate developer, has received an approval to raise Rs 282.59 crore through private placement of shares to institutional investors. The Capital Raising Committee of the board of director at its meeting held on July 17, 2015 has approved for the same.
The company received approval for issuance and allotment of 79,91,907 equity shares of Rs 2 each fully paid-up at an issue price of Rs 353.60 per share (including a premium of Rs 351.60 per equity share).
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
