Phoenix Mills slides on buzz promoter to pare stake

Phoenix Mills fell 3.11% to Rs 694 on reports promoters are planning to sell 38 lakh shares, or 2.5% stake, in the company in via secondary placement.

According to reports, the deal has option to upsize the offering to 55 lakh shares, or 3.6% stake in company. The offering floor price set at Rs 665 a share, reports added.

As on 30 June 2019, promoters held 62.75% stake in Phoenix Mills.

Shares of Phoenix Mills declined 3.49% in two trading sessions to its current market price of Rs 694, from a recent closing high of Rs 719.10 on 25 September 2019.

Meanwhile, the S&P BSE Sensex was down 101 points or 0.26% to 38,888.69.

On the BSE, 26,092 shares were traded in the Phoenix Mills counter so far compared with average daily volumes of 5,586 shares in the past two weeks. The stock hit an intraday high of Rs 708 and an intraday low of Rs 690.20 so far during the day.

The stock hit a 52-week high of Rs 766 on 23 September 2019. The stock hit a 52-week low of Rs 491.50 on 9 October 2018.

Phoenix Mills' consolidated net profit sky-rocketed 118.3% to Rs 130.39 crore on a 48.9% surge in net sales to Rs 615.04 crore in Q1 June 2019 compared with Q1 June 2018.

The Phoenix Mills is engaged in the construction of buildings carried out on own-account basis or on a fee or contract basis. The company is engaged in the development and operation of malls and other real estate properties. It operates through two segments: property & related services, and hospitality services.

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