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Phoenix Mills share price: Phoenix Mills fixes Sept 21 as record date for 1:1 bonus issue; stock up 4%
Source: Business Standard
Phoenix Mills shares soar: Shares of The Phoenix Mills (Phoenix Mills) rose up to 4.42 per cent to an intraday high of Rs 3,458.60 per share on Monday, September 16, 2024.
This increase in the company’s share price followed the shareholders’ approval for a Bonus Equity Share issuance in the ratio of 1:1.
In an exchange filing, Phoenix Mills said, “We wish to inform you that the shareholders of The Phoenix Mills Limited (Company) at the 119th Annual General Meeting held on Friday, September 13, 2024 have inter alia, approved the issuance of bonus equity shares in the ratio of 1:1 i.e 1 (one) new fully paid up equity share having face value of Rs 2 each for every 1 (one) existing fully paid up equity share having face value of Rs 2 each.”
A 1:1 bonus issue means that a company will give one additional share to each share that a shareholder already owns.
Furthermore, the company has fixed the Record Date as September 21. The record date, or date of record, meanwhile, is the cutoff date established by a company to determine which shareholders are on the books and are eligible to receive a dividend.
Shareholders also approved the increase in the Authorised Share Capital of the company from Rs 49,00,00,000 (24,50,00,000 equity shares of face value Rs 2 each) to Rs 75,00,00,000 (37,50,00,000 equity shares of face value Rs 2 each) and consequent amendment to “Clause V” of the Memorandum of Association of Company, the company said.
Q1 financial performance
Phoenix Mills’ profit fell 3.3 per cent on a year-on-year (Y-o-Y) basis to Rs 232.5 crore in the June quarter of financial year 2025 (Q1FY25), from Rs 240.5 crore in the June quarter of financial year 2024 (Q1FY24). The revenue from operations, or topline, surged 11.5 per cent to Rs 904.1 crore in the June quarter of FY25, from Rs 810.6 crore in the June quarter of FY24.
Phoenix Mills Ltd, founded by the Ruia family on January 27, 1905, originally began as a textile manufacturing company. Its first operations were established on 17.3 acres of land in Lower Parel, Mumbai, focusing on cotton textile production.
On the bourses, the stock has jumped over 31 per cent in the past six months while it has gained over 54 per cent year-to-date (Y-T-D).
At 1:35 PM, shares of Phoenix Mills were trading 4.12 per cent higher at Rs 3,477 per share. In comparison, BSE Sensex was trading 0.19 per cent higher at 83,044.93 levels.
First Published: Sep 16 2024 | 1:39 PM IST
