The Phoenix Mills Ltd and CPPIB to invest further in Island Star Mall Developers Pvt Ltd

The Phoenix Mills Limited ('Company'), its subsidiary company Island Star Mall Developers Private Limited ('ISML') and Canada Pension Plan Investment Board ('CPPIB') have executed a Second Further Funding Subscription Agreement ('Subscription Agreement') for the infusion of up to Rs.700 Crores towards subscription of Equity Shares of the ISML on Rights basis for deployment towards construction and development of the on-going projects of its subsidiaries at Wakad-Pune, Hebbal-Bangalore and Indore-Madhya Pradesh and for other mutually agreed purposes. Further, pursuant to the Subscription Agreement, the Company and CPPIB have subscribed to equity shares of ISML for Rs. 700 crores in the aggregate on a rights basis and completed their respective investment obligations.

The Company and CPPIB had earlier in April 2017, entered into definitive agreements to develop, own and operate retail led mixed used developments across India and pursuant to which CPPIB had acquired 49% holding in ISML with 51% being held by the Company.

Pursuant to the aforesaid subscription to equity shares on a rights basis by the Company and CPPIB, there is no change in the shareholding of the Company and CPPIB in ISML and they continue to hold 51% and 49% stake respectively.

Shares of The Phoenix Mills Limited was last trading in BSE at Rs. 1029.30 as compared to the previous close of Rs. 1020.40. The total number of shares traded during the day was 8069 in over 1259 trades.

The stock hit an intraday high of Rs. 1039.05 and intraday low of 997.50. The net turnover during the day was Rs. 8199376.00.

Source : Equity Bulls

Keywords

ThePhoenixMills INE211B01039 RealEstate Realty IslandStarMallDevelopers FundInfusion CPPIB