MUMBAI: Promoters of mall developer and operator The Phoenix Mills have sold 7.28% stake in the company through bulk deals on Tuesday to raise over Rs 833 crore.
Last week, the company had raised Rs 1,100 crore through a Qualified Institutional Placement (QIP) issue.
Two promoter entities sold a total 1.25 crore shares of the company in early trade.
Of these, Radhakrishna Ramnarain Pvt Ltd sold 1.15 crore shares at Rs 666 per share, while Senior Advisory Services Pvt Ltd sold 10 lakh shares at Rs 672 per share.
The part of the promoter shares that was sold on Tuesday was already carved out prior to the QIP issue executed last week and was disclosed in the QIP document.
The stock closed Tuesday’s session at Rs 648.60, down 10.6% over previous close.
In last week’s QIP issue, the company allotted a total 1.82 crore equity shares at Rs 605 per share totaling Rs 1,100 crore. The Government of Singapore picked up 74.38 lakh shares or 40% of the QIP issue of the company.
The latest shareholding disclosure by the company following the QIP issue shows that institutional investors including mutual funds and foreign portfolio investors (FPI) have picked up shares of the company during July 1 and August 22.
Given the Covid19 pandemic and subsequent lockdowns across various states has impacted the performance of retail malls hitting them both on sales and lease rentals front.
Phoenix Mills’ revenues also declined 78% from a year ago to Rs 135 crore for the quarter ended June.
According to analysts, occupancy levels for the company stood at around 90% of permissible area for operational malls. Footfalls and average daily spends have been improving consistently in malls that are operational.
However, consumption has been largely driven by pent-up demand in categories like electronics and home accessories.
