Phoenix Mills share price gains on entering into SPA

Phoenix Mills share price gained after Phoenix Mills entered into a SPA - Share Purchase Agreement on 6^th December, 2016 for acquisition of the entire 20.01 per cent shareholding of K2A Hospitality (K2A), an equity shareholder in ASPL - Alliance Spaces. The proposed acquisition by the firm shall be effected on the terms and conditions mutually agreed between the firm and K2A and will be subject to fulfillment of certain conditions precedent and other independent conditionalities contained in the Share Purchase Agreement (SPA).

Besides, Phoenix Hospitality Company, the company’s subsidiary, has 57.99 per cent equity shareholding in ASPL as on date. Hence, ASPL is an indirect subsidiary of the company as per Companies Act, 2013 and the firm has an effective shareholding of 33.01 per cent as on date.

Meanwhile, Phoenix Mills share price was trading at Rs 383.70, up by 33.15 points or 9.46 per cent from its previous closing of Rs 350.55 on the NSE. The scrip opened at Rs 357 and has touched a high and low of Rs 400 and Rs 350, respectively. So far 21260 shares were traded on the counter.

The stock of face value Rs 2 has touched a 52 week high of Rs 448.95 on 08-Sep-2016 and a 52 week low of Rs. 239.05 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs. 398.00 and Rs. 341.10 respectively. The current market cap of the company is Rs 5365.76 (Cr).

The promoters holding in the company stood at 62.86 per cent, while Institutions and Non-Institutions held 33.31 per cent and 3.83 per cent respectively.

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.

For more details, visit Phoenix Mills share price history.