The company has set the floor price at Rs 611.31 per share for its qualified institutional placement (QIP) issue.

The company's capital raising committee is scheduled to meet on Friday, 21 August 2020, to consider and approve the issue price of the equity shares to be allotted to qualified institutional buyers pursuant to the QIP issue.

In a draft placement document, Phoenix Mills said it intends to use the net proceeds towards funding growth opportunities including investing in existing and proposed business ventures, proposed acquisitions, debt service obligations including but not limited to servicing debt interest obligations, capital expenditure and working capital requirements, operations, and general corporate purposes and for such other purposes as may be permitted by applicable laws.

On 29 June 2020, while approving the results for the quarter ended 30 June 2020, the company's board had approved raising up to Rs 1,200 crore through various means including rights issue, preferential issue, qualified institutions placement, follow-on public offer, etc., or through a combination thereof, by issue of securities (either equity or debt or via combination of both).

Shares of Phoenix Mills shed 0.57% to Rs 642.55. It traded in the range of 637.50 and 660.55 so far during the day.

The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of of eight retail mall assets across major cities in the country. It also has an office portfolio of in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate in Bengaluru and Chennai.

The company's net profit slumped 79.56% to Rs 46.69 crore on 44.8% drop in net sales to Rs 399.23 crore in Q4 March 2020 over Q4 March 2019.