Multibagger stock to deliver bonus after 18 years? Board meets on this day to consider proposal

On Wednesday, July 31, 2024, The Phoenix Mills, a retail mall developer and operator, is set to declare a stock bonus after a gap of 18 years.

The company had informed bourses of its decision on Friday, July 26, 2024. Its board members will meet on the scheduled date to consider the bonus issue for equity shareholders of the company.

Gajendra Mewara, secretary, The Phoenix Mills, said: "Pursuant to Regulation 29 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations’), we wish to inform you that the Board of Directors of the Company may inter alia also consider a proposal for issue of bonus shares to the equity shareholders of the company."

The last bonus issued by the company was on December 9, 2005, in which investors received four bonus shares for every share held.

The Phoenix Mill stock performance and history

On Tuesday, the stock climbed by Rs 83.9 - or 2.3 per cent - to end at Rs 3,710.9 apiece on BSE.

Over the last five years, the stock has outperformed the Nifty50 index, with a return of 496.02 per cent compared to the index's 126.74 per cent returns during the same period.

FIIs shareholding in the company

In the June quarter, FIIs raised their stake in the company from 30.37 per cent (March 2023) to 35.41 per cent, indicating their bullish view on the stock.