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The Phoenix Mills raises $45M through QIP

Mumbai-based listed realtor The Phoenix Mills has raised Rs 282.6 crore ($44.7 million) through a qualified institutional placement (QIP), the company said in a stock market disclosure on Wednesday. It opened on July 9, 2015 and closed on July 14, 2015.

The company issued 7.9 million equity shares at Rs 353.60 each to qualified institutional buyers (QIBs). 

In May, Phoenix's board had approved to raise up to Rs 1,000 crore ($158 million) through QIPs and the plan was approved by the shareholders in June.

The company will use the money for funding growth opportunities, reducing debt and general corporate purposes.

Shares of Phoenix last changed hands at Rs 365.85, up 1.29 per cent on BSE in a strong Mumbai market on Wednesday.

The Phoenix Mills, the country’s seventh-largest property developer by market cap, develops malls and other real estate properties. 

Last December, IL&FS PE, one of the country’s largest home-grown PE firms by assets under management, signed an agreement to exit its investment in a Bangalore residential project of The Phoenix Mills.

Recently, Ashoka Buildcon Ltd, an engineering, procurement and construction (EPC) services provider, raised Rs 500 crore via QIP.

The other companies which raised funding through QIP this year include Chennai-based software solutions provider Ramco Systems Ltd, North-based developer Ashiana Housing Ltd, MSME and consumer financing company Capital First Ltd and Mumbai-based mid-size realtor Poddar Developers.

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