The Phoenix Mills jumps after Schroders Group entities hike stake

The Phoenix Mills rallied 6.01% to Rs 564.05 after the Schroders Group entities acquired additional shares of the real estate company on Wednesday, 15 April 2020.

The Schroder Group entities, including Schroder Investment Management, Schroder Investment Management (Hong Kong) and Schroder Investment Management (Singapore), as discretionary fund managers of funds/segregated mandates, have become substantial shareholder in The Phoenix Mills (TPML) following an acquisition of shares on Wednesday, 15 April 2020, the realty firm said in a filing.

The Schroder Group acquired 28,26,865 shares carrying 1.842% of total voting rights. Before the acquisition, the Schroder Group held 57,34,425 shares carrying 3.737% voting rights. Post acquisition, the Schroder Group holds 85,61,290 shares or 5.579% of the total share capital of The Phoenix Mills. The transaction was an open market acquisition. The Phoenix Mills issued the disclosure after market hours on Friday, 17 April 2020.

The Phoenix Mills' consolidated net profit soared 29.68% to Rs 91.85 crore on a 16.20% jump in net sales to Rs 511.79 crore in Q3 December 2019 over Q3 December 2018.

The Phoenix Mills group is the largest player in the Indian retail mall segment, and has a portfolio of 59 lakh sq. ft of eightwell-established retail mall assets across major cities in the country. It also has an office portfolio of 17.6 lakh square feet in Mumbai and Pune, two operational hotels (one in Mumbai and another in Agra), and residential real estate of 37 lakh sq. ft in Bengaluru and Chennai.

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