India’s Largest Mall Developer Announces 1:1 Bonus Share After 19 Years; Check Record Date Inside
The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 1,725 per share and a whopping 300 per cent in 3 years.
The Phoenix Mills Limited informed that the company has fixed Saturday, September 21, 2024, as the 'Record Date' for the purpose of ascertaining the eligibility of Shareholders entitled to issuance of bonus Equity Shares of the Company in the proportion of 1 (One) new fully paid up Equity Share having face value of Rs 2 each for every 1 existing fully paid up equity share having face value of Rs 2 each, subject to the approval of Shareholders of the Company at the ensuing Annual General Meeting to be held on Friday, September 13, 2024. The company last announced bonus shares in the ratio of 4:1 in 2005.
Phoenix Mills Ltd is a leading Indian real estate company primarily focused on developing and operating upscale retail malls. With a portfolio of approximately 0.64 million square meters of retail space across nine malls in key Indian cities, the company generates the majority of its revenue (81 per cent) from property-related services such as mall leasing and commercial property development. The remaining 19 per cent comes from its hospitality business. Phoenix Palladium in Mumbai is their most profitable mall, and their overall real estate development footprint extends to over 2.11 million square meters.
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On Monday, shares of Phoenix Mills Ltd ended the day in red, down 3.18 per cent to Rs 3,500 per share with an intraday high of Rs 3,674.25 and an intraday low of Rs 3,465.35. The company has a market cap of over Rs 62,000 crore and has delivered good profit growth of 23.8 per cent CAGR over the last 5 years. The stock gave multibagger returns of over 100 per cent from its 52-week low of Rs 1,725 per share and a whopping 300 per cent in 3 years. Investors should keep an eye on this mid-cap stock.
Disclaimer: The article is for informational purposes only and not investment advice.
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