Phoenix Mills to acquire shares, to lease Mahalaxmi premises

Phoenix Mills Ltd has announced that the Board of Directors of the Company at its meeting held on August 31, 2006, inter alia, has approved the following:

1. Authority to the Board of Directors of the Company to acquire Shares by way of subscription, purchase or otherwise in other Bodies Corporate at an aggregate consideration to the extent of approximately Rs 213 Crores and to give guarantee to the tune of Rs 55 Crores in connection with Bridge Finance facility availed by Classic Mall Development Company Pvt Ltd from IL & FS and approval of the notice for obtaining the consent of the members by means of postal ballot for the aforesaid purpose as required pursuant to Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001.
2. Authority to Directors to acquire on leave and license basis and to sub-lease the premises at Mahalaxmi, Mumbai.

Source : Equity Bulls

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