Home / Companies / News /  Mall developer Phoenix Mills promoters sell stake worth 833 crore

Mumbai: Two promoter entities of mall developer The Phoenix Mills Ltd, on Tuesday, sold shares worth Rs833 crore, representing around 8.14% stake in the company, through block deals, data from stock exchanges shows.

Senior Advisory Services Pvt Ltd sold 1 million shares at a price of Rs671.76, aggregating to Rs67.1 crore while Radhakrishna Ramnarain Pvt Ltd sold 11.5 million shares at Rs666.1 per share, aggregating to Rs766 crore.

On Tuesday, shares of Phoenix Mills closed trading at 648.6 apiece, down 10.57% on the BSE.

The share sale by the promoter entities follows the Rs1,100 crore raised by the company last week, by selling shares to institutional investors through a so-called qualified institutional placement (QIP) offering.

The QIP saw participation from marquee investors such as the government of Singapore, which invested 450 crore and was the biggest investor in the share sale, contributing almost 41% of the total amount.

Other major investors in the share share include domestic institutional investors such as ICICI Prudential Mutual Fund, SBI Mutual Fund and Aditya Birla Sun Life Mutual Fund, according to the stock exchange filings.

Shares were issued to these investors at 603 apiece.

The two back to back share sales in Phoenix Mills suggest that despite the disruption caused by the covid-19 pandemic in the brick and mortar retail industry, investors are betting that as things start to recover, market leaders such as Phoenix Mills will be at a significant advantage than peers.

The Reserve Bank of India’s recent consumer confidence survey showed that individuals are upbeat about their prospects in a year’s time though they remain sceptical on the current state of things.

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