Phoenix Mills gains on the plan to hike stake in ODPL

Phoenix Mills share price is currently trading at Rs. 374, up by 8.70 points or 2.38 per cent from its previous closing of Rs. 365.30 on the NSE. The scrip opened at Rs. 366.00 and has touched a high and low of Rs. 380.00 and Rs. 365.30 respectively. So far 14,517 shares were traded on the counter.

The stock has a face value Rs. 2 has touched a 52 week high of Rs. 448.95 on 8^thSept ’16 and a 52 week low of Rs. 239.05 on 29^th Feb ’16. Last one week high and low of the scrip stood at Rs. 390.00 and Rs. 357.50 respectively. The current market cap of the company is Rs. 5591.53 (Cr) crore.

Phoenix Mills has entered into a Share Purchase Agreement (SPA) on December 19, 2016 for acquiring the entire shareholding of Vistra ITCL (India) (Vistra) and IIRF Holdings X (IIRF), equity shareholders in Offbeat Developers (ODPL) representing a cumulative equity shareholding of 15.18 per cent.

The suggested acquisition by the company will be effected on the terms and conditions mutually agreed between Vistra, IIRF and the company and will be subject to fulfillment of certain conditions precedent and other independent conditionalities contained in the SPA.

Previously, during September 17, 2016, the company had entered into a SPA to acquire entire equity shareholding of Eder River, representing 4.98 per cent in ODPL. Subsequent to the completion of both the aforesaid transactions, the shareholding of the company in ODPL will increase from 74.48 per cent to 94.64 per cent.

Phoenix Mills is involved 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.

Phoenix Mills is one of the top 500 performing stocks for this quarter as identified by Dynamic Levels. For further details on the stock, refer to Phoenix Mills share price history.