This Blue Chip Realty Stock To Declare Bonus Shares After 19 Years

The largest retail-led mixed-use developer in India is The Phoenix Mills. The majority of real estate development activities are covered by its operations, including planning, carrying out, promoting, managing, maintaining, and selling. Real estate assets for the group are located in Mumbai, Bengaluru, Chennai, Pune, Raipur, Agra, Indore, Lucknow, Bareilly, and Ahmedabad.

On Friday, the shares of The Phoenix Mills ended 0.93% higher at Rs 3533.80 apiece after the company declared the Board of Directors will consider and approve bonus shares soon after 19 years.

"In furtherance to our letter dated July 24, 2024, regarding intimation of Board Meeting scheduled to be held on Wednesday, July 31, 2024 and pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), we wish to inform you that the Board of Directors of the Company may inter alia also consider a proposal for issue of bonus shares to the equity shareholders of the Company," said The Phoenix Mills in a regulatory filing.

On 9th December 2005, the company declared its first-ever bonus shares in a 4:1 ratio which means after a gap of 19 years, the real estate giant The Phoenix Mills is likely to issue its 2nd bonus share allotment on 31st July 2024.

"Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), we wish to inform you that a Meeting of the Board of Directors of The Phoenix Mills Limited ('Company') is scheduled to be held on Wednesday, July 31, 2024, to inter alia: 1. consider and approve the unaudited Standalone Financial Results of the Company for the quarter ended June 30, 2024; 2. consider and approve the unaudited Consolidated Financial Results of the Company for the quarter ended June 30, 2024," the company has informed stock exchanges.

Recently on July 9, 2024, The Phoenix Mills subsidiary Sparkle One Mall Developers Private Limited invested Rs. 4,68,27,820/- for the purchase of renewable energy produced by the captive generating plant. They did this by subscribing to 4,68,282 equity shares of Rs. 10/-each and 42,145 compulsory convertible debentures of Rs. 1000/-each of O2 Renewable Energy XIII Private Limited.

The company reported a market cap of Rs 63,157.85 Cr as of Friday's closing session. The stock's 52-week-high level reached Rs 4,136.30 on (18/07/2024) and its 52-week-low level reached Rs 1,654.50 on (10/08/2023) which means that the stock has recovered 114.05% from 52W low so far.