Phoenix Mills Share Price Rises 3%; Incorporates Sparkle Three Mall Developers Subsidiary

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.

Share Subscription Details

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.

About Phoenix Mills

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.

Share Price Performance

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.

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