The Phoenix Mills Limited raised INR 11 billion from institutional investors through a qualified institutional offering (QIP) this week, said two people aware of the development, at a time malls are seeing sharply lower footfalls amid a health crisis and weak consumer sentiment. The QIP offering saw demand for five times the number of shares offered, underscoring that despite near-term challenges facing the realty sector, investors, flush with liquidity, are keen to back market leaders in commercial and retail real estate. Foreign and domestic institutional investors took part in the share sale, including a large cheque from Singapore's sovereign wealth fund GIC, said the first person cited above, who spoke on condition of anonymity. The person did not disclose the quantum of investment by GIC. Emails sent to Phoenix Mills and GIC did not elicit a response. Kotak Mahindra Capital and UBS advised Phoenix Mills on the QIP.