The Phoenix Mills Ltd board approves fund-raise of Rs 1,200 cr

The Phoenix Mills Ltd on Monday announced that its board has approved raising of funds up to Rs 1,200 crore through an issue of securities.

The Phoenix Mills Ltd on Monday announced that its board has approved raising of funds up to Rs 1,200 crore through an issue of securities. The board in its meeting held on Monday approved "raising of funds for an aggregate amount of up to Rs 1,200 crores through Rights Issue, Preferential Issue, Qualified Institutions Placement, Follow-on Public Offer etc, or through a combination thereof, by issue of securities (equity shares, preference shares, debentures or any other convertible instruments or through combination of any of such securities)".

The company informed the exchanges that this is subject to approvals from shareholders and regulators. The Phoenix Mills Ltd is a leading developer of shopping malls.