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Phoenix Mills gains as its arm acquires prime land parcel in Kolkata

The Phoenix Mills is currently trading at Rs. 1328.50, up by 13.95 points or 1.06% from its previous closing of Rs. 1314.55 on the BSE.

Phoenix Mills
Phoenix Mills

The scrip opened at Rs. 1316.05 and has touched a high and low of Rs. 1333.75 and Rs. 1316.05 respectively. So far 1333 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 2 has touched a 52 week high of Rs. 1620.00 on 09-Nov-2022 and a 52 week low of Rs. 884.30 on 08-Mar-2022.

Last one week high and low of the scrip stood at Rs. 1333.75 and Rs. 1272.75 respectively. The current market cap of the company is Rs. 23476.77 crore.

The promoters holding in the company stood at 47.31%, while Institutions and Non-Institutions held 48.29% and 4.40% respectively.

Phoenix Mills’ (PML) wholly owned subsidiary — Palladium Construction (PCPL) has completed the acquisition of a prime land parcel, admeasuring approximately 5.5 acres, in Alipore, Kolkata. This acquisition marks a significant milestone for the Company as it expands its footprint in the residential segment with a premium development in the prime and exclusive neighbourhood of Alipore, Kolkata.

PCPL has acquired the land parcel at a consideration of Rs 414.31 crore, including stamp duty. The land is in Alipore and has excellent road connectivity to the key residential and commercial zones of Kolkata. This acquisition provides the Company with a unique opportunity to build a world class residential development of more than 1 million square feet of saleable area.

Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.