Phoenix Mills surges on opening fourth Phoenix Marketcity mall in Chennai

24 Jan 2013

Phoenix Mills is currently trading at Rs. 254.20, up by 5.55 points or 2.23% from its previous closing of Rs. 248.65 on the BSE.

The scrip opened at Rs. 255.15 and has touched a high and low of Rs. 255.15 and Rs. 250.00 respectively. So far 1133 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 274.40 on 03-Jan-2013 and a 52 week low of Rs. 155.00 on 28-Aug-2012.

Last one week high and low of the scrip stood at Rs. 264.90 and Rs. 246.25 respectively. The current market cap of the company is Rs. 3601.58 crore.

The promoters holding in the company stood at 65.93% while Institutions and Non-Institutions held 27.60% and 6.47% respectively.

The Phoenix Mills (PML) has opened its fourth Phoenix Marketcity mall in Chennai on January 23, 2013. With the launch of Phoenix Marketcity, the company’s TIER 1 retail portfolio consists of five operational malls with an aggregate leasable area of over 5 million square feet.

Phoenix Marketcity, Chennai comprises of a retail mall with leasable area of approximately 1 million square feet and a residential development of 0.26 million square feet and is part of a 16.5 acre land parcel. The other developments on this land parcel include two residential projects aggregating to 0.6 million square feet of saleable area and a luxury retail mall with 0.2 million square feet leasable area, currently being developed by two other SPVs of the company.

Phoenix Marketcity, Chennai is a mixed use development undertaken by Classic Mall Developers (Classic Mall), an SPV in which PML owns an effective stake of 50.01% (of this, 19.01% stake will be transferred to PML in June 2013 on consummation of the transaction with Kshitij Venture Capital Fund).

The 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.

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