Crest Ventures to dispose stake in Classic Mall Development Company Ltd for Rs. 918 crores

Crest Ventures Limited along with its Wholly Owned Subsidiary, i.e., Escort Developers Private Limited ("Escort") has proposed to dispose off its entire equity shareholding being 38,49,058 (Thirty Eight Lakhs Forty Nine Thousand Fifty Eight) Equity Shares aggregating to 50% (fifty per cent) of the Equity Share Capital in its associate company, Classic Mall Development Company Limited, subject to the approval of shareholders as per the provisions of Section 180 of the Companies Act, 2013 for a consideration of INR 918 Crores (Indian Rupees Nine Hundred and Eighteen Crores) approximately to The Phoenix Mills Limited (either by themselves and/or through their affiliates) ('Purchaser'). The number of shares held by Cest Ventures Limited and Escort Developers Private Limited in Classic Mall Development Company Limited.

Upon completion of the sale/disposal of the Company's and Escort's entire shareholding in CMDCL of 38,49,058 (Thirty-Eight Lakhs FortyNine Thousand Fifty-Eight) Equity Shares, a consideration of INR 918 Crores (Indian Rupees Nine Hundred and Eighteen Crores) will be received by the Company and Escort.

The expected date of completion of sale/disposal is tentatively by April, 2022.

Shares of Crest Ventures Limited was last trading in BSE at Rs. 175.00 as compared to the previous close of Rs. 177.00. The total number of shares traded during the day was 493 in over 8 trades.

The stock hit an intraday high of Rs. 183.95 and intraday low of 171.05. The net turnover during the day was Rs. 87588.00.

Source : Equity Bulls

Keywords

CrestVentures INE559D01011 StakeSale ClassicMallDevelopmentCompany INR918crores