Phoenix Mills soars as subsidiary acquires asset in Indore

Phoenix Mills’ (PML) wholly-owned subsidiary, Insight Hotels & Leisure has acquired an under-construction retail asset in Indore. PML has acquired the asset for Rs. 2.34 billion in an auction conducted by an Asset Reconstruction Company.

This brownfield expansion will add around 1.1 million sq. ft. to PML's retail asset portfolio. The site offers a further development potential of around 8,00,000 sq. ft.

The promoters holding in the company stood at 62.82 per cent, while Institutions and Non-Institutions held 32.81 and 4.36 per cent, respectively.

Currently, the company is involved in the business activities of construction of buildings carried out on own-account basis or on a fee or contract basis.

On Monday, the stock has opened at Rs. 634 per share with a high/low of Rs.643.40/Rs.632.10 and at 10:48 hours, the stock was quoting at Rs. 643.25 per share.