Phoenix Mills’ share price increased by 3% following the incorporation of Sparkle Three Mall Developers, a wholly-owned subsidiary in real estate. The subsidiary will focus on owned or leased property activities.
Sparkle Three will operate in the real estate sector, focusing on activities involving owned, leased, or acquired property.
The company has subscribed to the entire share capital of Sparkle Three for ₹5,00,000, at face value, making it a 100% owned subsidiary, Phoenix Mills said in a press release on the stock exchanges.
This move is part of Phoenix Mills’ expansion plans into real estate development. The subsidiary is set to commence operations in India, with no immediate turnover as it was only recently incorporated. No regulatory approvals are required for this acquisition.
Phoenix Mills Ltd is India’s largest retail-led mixed-use developer, specialising in mega retail malls, entertainment complexes, commercial spaces, and hospitality units. The company is involved in all aspects of real estate development, including planning, execution, marketing, management, maintenance, and sales. The company operates across retail, residential, commercial, and hospitality sectors, aiming to generate exceptional returns and foster a loyal customer base.
On December 30, 2024, The Phoenix Mills share price traded 3.27% higher at ₹1,751.85 at 11:25 AM on the NSE. The stock opened at ₹1,696.25, lower than ₹1,696.35 at the previous close.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
Investments in the securities market are subject to market risks, read all the related documents carefully before investing.
Published on: Dec 30, 2024, 11:29 AM IST
We're Live on WhatsApp! Join our channel for market insights & updates
Get the link to download the App
