Phoenix Mills board nods allotment of 62.70 equity shares to Phoenix Hospitality Company; Stock under pressure

14 Jan 2022 , 10:14 AM

The Board of Directors of The Phoenix Mills Limited on Thursday approved the allotment of 62.70 lakh equity shares of the company of face value of Rs2/- each to the shareholders of Phoenix Hospitality Company Private Limited (PHCPL) as per the share exchange ratio provided in the Scheme of Amalgamation as approved by the National Company Law Tribunal (‘NCLT’), Mumbai Bench vide its order dated December 21, 2021.

Consequent upon allotment of the above shares, the paid-up Equity Share Capital of the Company stands increased from Rs34,43,92,252 consisting of 17,21,96,126 Equity Shares of Rs2/- each to Rs35,69,32,252 consisting of 17,84,66,126 Equity Shares of Rs2/- each.

At around 10.15 am, Phoenix Mills Ltd was trading at Rs1,000.70 per share down by Rs40.05 or 3.85% from its previous closing of Rs1,040.75 per share on the BSE. The scrip opened at Rs1,026.05 and has touched a high and low of Rs1,026.30 and Rs995.90 respectively.