Phoenix Mills trades higher on getting nod to incorporate wholly owned subsidiary
The Phoenix Mills is currently trading at Rs. 1704.75, up by 3.50 points or 0.21% from its previous closing of Rs. 1701.25 on the BSE.
The scrip opened at Rs. 1667.25 and has touched a high and low of Rs. 1730.00 and Rs. 1667.25 respectively. So far 4740 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 1734.00 on 17-Jul-2023 and a 52 week low of Rs. 1186.45 on 16-Mar-2023.
Last one week high and low of the scrip stood at Rs. 1730.00 and Rs. 1615.55 respectively. The current market cap of the company is Rs. 30476.95 crore.
The promoters holding in the company stood at 47.30%, while Institutions and Non-Institutions held 48.48% and 4.22% respectively.
Phoenix Mills has received approval from Finance and Investment Committee of the Board of Directors for incorporation of a wholly owned subsidiary of the Company namely ‘Casper Realty’ (CRPL). The Company shall subscribe to the entire share capital of the proposed wholly owned subsidiary. The incorporation of the proposed wholly owned subsidiary shall leverage the growth opportunities and will help the Company in expanding its market.
The proposed wholly owned subsidiary to be incorporated in India shall carry out the business of real estate activities with owned or leased property. Further, this is in line with the Company’s future expansion plans.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
