The QIP issue opened on 18 August 2020 and closed on 21 August 2020. Phoenix Mills allotted 74.38 lakh shares (or 40.91% of the total shares offered in the issue) to Government of Singapore, 12.39 lakh shares (or 6.82% of the total shares offered in the issue) to ICICI Prudential Mutual Fund, 12.39 lakh shares (or 6.82% of the total shares offered in the issue) to SBI Mutual Fund and 9.39 lakh shares (or 5.17% of the total shares offered in the issue) to Aditya Birla Sun Life Mutual Fund.

Pursuant to the QIP allotment, the paid-up equity share capital of the company stands increased to Rs 34.32 crore consisting of 17.16 crore equity shares.

In the 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.

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.