Shares of Phoenix Mills Limited surged by 2.13% to ₹1,691.50 in Monday’s trade following the announcement of the sale of its subsidiary Janus Logistics to Macrotech Developers Limited (MDL) for a consideration of ₹47.93 crore. The transaction was completed on November 29, 2024.
Key Details of the Transaction
- Unit Sold: 100% equity shares of Janus Logistics were transferred to Macrotech Developers.
- Consideration Received: Phoenix Mills received a total of ₹47,93,72,258 from the sale.
- Unit Performance: As of March 31, 2024, Janus Logistics contributed no revenue (NIL) and held a negative net worth of ₹17.52 lakh.
- Buyer Details:
- Macrotech Developers Limited (MDL) is a listed entity engaged in real estate activities.
- MDL is not associated with the promoter group of Phoenix Mills.
Market Reaction
The sale of Janus Logistics aligns with Phoenix Mills’ strategy to streamline its portfolio and focus on its core business areas. The stock’s upward movement reflects investor optimism about the company’s strategic divestment and the cash inflow from the transaction.
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