The Phoenix Mills advanced 3.07% to Rs 3,442 after the company said that its board has approved issuance of one bonus equity share for every one existing equity share held (1:1).
The record date for bonus issue has been fixed as 21 September 2024.Additionally, the company will increase authorised share capital from Rs 49 crore to Rs 75 crore.
The Phoenix Mills is India's largest retail led mixed-use developer. Its operations span across most aspects of real estate development; planning, execution, marketing, management, maintenance & sales. The group has real estate assets in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly & Ahmedabad.
The company reported 3.3% decline in consolidated net profit to Rs 232.54 crore on 11.5% increase in net sales to Rs 904.14 crore in Q1 FY25 over Q1 FY24.
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