Mumbai: Real estate developer Phoenix Mills Ltd seeks to raise 1,000 crore by selling shares to institutional investors, the firm said in a regulatory filing on Thursday. It has set a floor price of 372.2 per share for the offering, which opened on Thursday.

The capital-raising initiative was passed by the firm’s board of directors on 11 May and was subsequently approved by its shareholders on 15 June.

According to the firm’s exchange filing on 11 May, Phoenix Mills plans to utilize the funds for capital expenditure, working capital requirements, funding growth opportunities, including investing in existing and proposed business ventures, reduction of debt and general corporate purposes.

On 31 March, the firm had a debt of 3,046.1 crore, while it reported revenue of 1,653.3 crore and profit of 35.4 crore in 2014-15.

Separately, railways wagon manufacturer Titagarh Wagons Ltd announced that it is selling shares to institutional investors to raise around 250 crore. The firm has set a floor price of 104.64 per share for the offer. The firm, however, did not mention how it plans to deploy the funds. Titagarh Wagons reported revenue of 752.9 crore and a loss of 3.31 crore in 2014-15.

So far this year, 20 listed companies have raised almost 12,317.4 crore by selling shares to institutions, according to Prime Database, a capital market tracker. Last year, 33 companies raised 31,684.2 crore through this route.

Shares of Pheonix Mills closed at 374.5, up by 0.81% on the BSE, while the shares of Titagarh Wagons closed at 108.6, down by 4.36%. The Sensex closed at 27,573.6 points, down by 0.41%.

Close