Shares of Phoenix Mills surged by up to 5.6% on September 6 after the company announced the record date for its previously declared bonus issue. The company has set September 21, as the record date for the bonus shares, pending approval from shareholders at the Annual General Meeting (AGM) scheduled for September 13.
Phoenix Mills plans to issue one bonus share for each existing share held, marking the first bonus issue in nearly two decades. The last bonus share issuance occurred in December 2005, when the company distributed four free shares for each share held. Currently, Phoenix Mills’ shares have a face value of Rs 2 each.
In addition to bonus shares, the retail mall developer and operator has consistently paid annual dividends ranging from Rs 1 to Rs 5 per share, with the most recent dividend of Rs 5 paid in FY24.
Follow our market blog to catch all the live action
Phoenix Mills promoters held 47 percent of the company stake as of June 30. Meanwhile, Indian Mutual Funds held a 12.3 percent stake, Foreign Portfolio Investors owned 35.4 percent of the shares.
Retail shareholders with authorized share capital of less than Rs 2 lakh held around 2 percent of company's shares.
At 11:34 am, Phoenix Mills shares were trading over 1 percent higher at Rs 3,648.75 on the National Stock Exchange (NSE). The stock has gained 62 percent so far this year, outperforming Nifty's returns of 15 percent.
In the past 12 months, the counter has zoomed 102 percent, more than doubling investors' capital. In comparison, Nifty rose 28 percent during this period.
Morgan Stanley in July issued an overweight call on Phoenix Mills with a target price of Rs 3,400 per share. Despite a slower-than-expected consumption growth in Q1FY25, the company has shown promising signs, the brokerage noted.
The sustained performance underscores the company's resilience and potential for continued growth in the retail sector, it added.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
