1:1 Bonus Shares: DLF’s Peer Declared Highest Bidder for Prime City-Centric Plots in Mohali Worth Rs 891 Crore - FIIs Increase Stake in Q1 FY25!
The company’s shares have delivered an impressive multibagger return of over 100 per cent in just 1 year.
Phoenix Mills Ltd is engaged in the operation and management of malls, the construction of commercial and residential properties, and the hotel business in India. It is India's leading retail mall developer and operator, with approximately 0.64 million square meters of retail space spread across 9 malls in 6 gateway cities of India. The company has developed over 2.11 million square meters.
The company announced today that Casper Realty Private Limited, a wholly-owned subsidiary of PML, has been declared the highest bidder for two prime city-centric plots in Mohali, Punjab. These plots, cumulatively measuring ~13.14 acres and located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali), were auctioned by the Greater Mohali Development Area Authority ("GMADA"). Casper emerged as the highest bidder with a combined bid value of approximately Rs. 891 crores. The payment will be completed within the timelines stipulated by GMADA.
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Both plots are classified for commercial use, and the Company intends to develop an iconic retail-led, mixed-use development on this land parcel. With excellent connectivity, this land, located at YPS Chowk—between Chandigarh and Sahibzada Ajit Singh Nagar (Mohali)—is well-positioned to capitalize on the growing demand for retail and entertainment spaces in the Chandigarh Metropolitan Region (CMR).
Recently, Phoenix Mills Ltd at its 119th Annual General Meeting held on Friday, September 13, 2024, approved the issuance of bonus shares in the ratio of 1:1, i.e., 1 (one) new fully paid-up equity share having a face value of Rs. 2/- each for every 1 (one) existing fully paid-up equity share having a face value of Rs. 2/- each, held by the eligible shareholders of the Company as of the record date, i.e., September 21, 2024, subject to other statutory/regulatory approvals, consents, permissions, conditions, and sanctions as required.
Today, the shares of Phoenix Mills Ltd rallied over 5 per cent and finally closed the day at around Rs 1858.90 per share on the BSE. The company’s current market capitalization stands at Rs 66,453 crore. Additionally, the shares have delivered an impressive multibagger return of over 100 per cent in the past 1 year.
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Investors must keep this Mid-Cap company on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.