Phoenix Mills said that the compensation committee of the board of directors of the company in its meeting has allotted 60,000 equity shares of Rs 2 each fully paid up at an exercise price of Rs 270 a share to the employees upon exercise of stock options pursuant to the phoenix mills employees' stock option plan 2007.

Post allotment, the equity base of the company stand increased from present level of 144,845,445 to 144,905,445 equity shares of Rs 2 each.

Shares of the company declined Rs 7.2, or 1.96%, to trade at Rs 359.50. The total volume of shares traded was 2,730 at the BSE (12.27 p.m., Monday).