Phoenix Mills rises as its arm completes acquisition of six entities
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Phoenix Mills is currently trading at Rs.3280.00, up by 9.45 points or 0.29% from its previous closing of Rs. 3270.55 on the BSE.
The scrip opened at Rs. 3280.00 and has touched a high and low of Rs. 3326.35 and Rs. 3254.10 respectively. So far 2997 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 4136.30 on 18-Jul-2024 and a 52 week low of Rs. 1654.50 on 10-Aug-2023.
Last one week high and low of the scrip stood at Rs. 3598.55 and Rs. 3110.85 respectively. The current market cap of the company is Rs. 59022.24 crore.
The promoters holding in the company stood at 47.27%, while Institutions and Non-Institutions held 48.74% and 3.98% respectively.
Phoenix Mills’ subsidiary -- Astrea Real Estate Developers (Astrea) has completed the acquisition of 100% equity share capital of Dhanalakshmi Engineering (DEPL), Pulankinar Investment and Finance (PIFPL), Coimbatore Sameera Investments (CSIPL), Shanthi Chandran Enterprises (SCEPL), Shanthi Chandran Investments Coimbatore (SCICPL) and Sheela Traders (STPL), (collectively referred as Target Entities) pursuant to Share Purchase Agreement(s) (SPAs) dated August 07, 2024 executed by Astrea with Target Entities and its respective shareholders on the terms and conditions contained in the SPAs.
Accordingly, Target Entities, have become wholly owned subsidiaries of Astrea and stepdown subsidiaries of the Company with effect from August 07, 2024. The Target Entities are land owning companies and collectively hold 7.08 acres of land in Coimbatore. Astrea has acquired the said land of 7.08 acres and has also directly acquired 1.95 acres of land from certain individuals.
The said acquisition is in line with the Astrea’s main line of business i.e. acquisition of land for retail led mixed use development purposes, which will lead to expansion of Astrea’s/group’s business.
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.
