The Phoenix Mills Limited updates on agreement with GIC Realty Pvt Ltd

The Phoenix Mills Limited ("PML or Company") and its subsidiaries, Offbeat Developers Private limited ('ODPL'), Graceworks Realty and Leisure Private limited ('GRLPL') and Vamona Developers Private limited ('VDPL') ('hereinafter ODPL, GRLPL and VDPL are together referred to as PML Subsidiaries'), had entered into and executed the Definitive Agreements with GIC (Realty) Private Limited through its indirectly wholly owned entity viz. Reco Zinnia Private Limited ("RZPL") for an investment of Rs.15,11,00,00,000/- in two tranches on an aggregate basis across ODPL, VDPL and GRLPL by way of a combination of primary infusion and secondary purchase of equity shares.

The Company further vide its letter dated June 30, 2021, informed that the RZPL had completed its first tranche of investment in PML Subsidiaries on private placement basis as well as by way of secondary acquisition of equity shares held by the Company in ODPL and VDPL aggregating to Rs. 11,11,00,00,000.

Subsequent to the completion of said first tranche investment by RZPL, the Company and RZPL held 73.56% and 26.44% respectively, of the paid-up equity share capital in each of the said PML subsidiaries.

Pursuant to the terms of the said Definitive Agreements, RZPL was entitled to further increase its equity holding upto the range of 32.80% to 35.91% in each of the aforesaid PML Subsidiaries subject to fulfilment of the terms mentioned in the Definitive Agreements.

The Company, RZPL and each of PML Subsidiaries viz. ODPL, GRLPL and VDPL, have executed an Additional Subscription Agreement, pursuant to which RZPL, has today i.e., June 30, 2022, completed its second tranche of investment of Rs. 4,00,00,00,000/- across ODPL, VDPL and GRLPL on private placement basis by subscribing to the equity shares of each of the PML Subsidiaries.

As a result of the aforesaid investment by RZPL and allotment of shares by respective PML Subsidiaries, the Company and RZPL hold 67.10% and 32.90% respectively, of the paid up equity share capital in each of the PML Subsidiaries.

Shares of The Phoenix Mills Limited was last trading in BSE at Rs. 1180.80 as compared to the previous close of Rs. 1209.90. The total number of shares traded during the day was 28234 in over 4449 trades.

The stock hit an intraday high of Rs. 1214.45 and intraday low of 1135.00. The net turnover during the day was Rs. 33172515.00.

Source : Equity Bulls

Keywords

ThePhoenixMills INE211B01039 Agreement GICRealty