The Phoenix Mills after acquiring stake in subsidiary

The Phoenix Mills gained 6.05% to Rs 659.15 at 11:35 IST on BSE after the company entered into an agreement for acquisition of additional stake in its subsidiary Graceworks Realty & Leisure.

The announcement was made on Saturday, 30 December 2017.

Meanwhile, the S&P BSE Sensex was up 25.90 points, or 0.08%, to 34,082.73. The S&P BSE Mid-Cap index was up 129.95 points, or 0.73%, to 17,952.35.

On the BSE, so far 7,611 shares were traded in the counter, compared with average daily volumes of 5,252 shares in the past one quarter. The stock had hit a high of Rs 663.10 and a low of Rs 628.50 so far during the day. The stock hit a record high of Rs 679.60 on 28 December 2017. The stock hit a 52-week low of Rs 337.55 on 6 February 2017.

The stock had outperformed the market over the past one month till 29 December 2017, advancing 21.07% compared with the Sensex's 1.35% rise. The scrip also outperformed the market over the past one quarter, gaining 24.33% as against the Sensex's 8.86% advance. The scrip also outperformed the market over the past one year, surging 68.46% as against the Sensex's 29.17% rise.

The mid-cap company has equity capital of Rs 30.62 crore. Face value per share is Rs 2.

The Phoenix Mills said that the company has entered into a share purchase agreement (SPA) with HBS Realtors (HBS) and Graceworks Realty & Leisure Private (GRLPL) on 29 December 2017 for acquisition of entire 22.67% shareholding of HBS in GRLPL, a subsidiary of the company.

Pursuant to the SPA, the company has acquired entire 22.67% equity shareholding of HBS on 29 December 2017, The Phoenix Mills said. Also the effective shareholding of the company in GRLPL has increased from 44.02% to 66.69% and GRLPL continues to remain a subsidiary of the company, it added.

GRLPL is engaged in the business of construction, development and operation of commercial and retail offices.

On a consolidated basis, Phoenix Mills's net profit fell 6.7% to Rs 42.29 crore on 24.5% decline in net sales to Rs 370.62 crore in Q2 September 2017 over Q2 September 2016.

The Phoenix Mills focuses on real estate development and entertainment.

Powered by Capital Market - Live News