Sporulation is seen in which phase of bacterial growth phase?

Ref: Ananthanarayan, 8thed. pg. 24Features of Stationary Phase1. Viable count of cells remain stationary as an equilibrium exists between dying cells and newly formed cells2. Cells are viable and show irregular staining due to intracellular storage granules3. Sporulation occurs at this stage4. Production of antibiotics and exotoxins is also seen at this stage.