Phoenix Mills has surged by nearly 5% to Rs 185 after the news that the company is in talks to sell a 2 lakh square feet commercial property in Kurla, valued around Rs 300 crore. The company owns Phoenix Market City —spread over 25 acres in Kurla — through Offbeat Developers, a subsidiary company.
According to the company, the property in Kurla commands a rental of Rs 100-300 per sq ft. Phoenix Mills along with HBS Realtors, Mumbai, and Pradhan Housing, Hyderabad, hold 80% share in Offbeat Realtors while IL&FS, Edelweiss and NPC Capital, a German investor, hold the remaining 20%.
In the intraday trade, the stock opened at Rs 179 and made a high of Rs 186. Around 25,500 shares were traded in BSE and NSE.