The Phoenix Mills Limited announced that its subsidiary, Mindstone Mall Developers Private Limited, has successfully completed a rights issue of equity shares. The subsidiary allotted over 3.5 crore shares at a premium, raising an aggregate consideration of approximately ₹999.8 crore. This transaction does not alter the shareholding percentages of The Phoenix Mills Limited and CPP Investment Board Private Holdings in Mindstone, with The Phoenix Mills retaining a 51% stake.
Mindstone Subsidiary Completes Major Rights Issue
The Phoenix Mills Limited has disclosed the completion of a significant equity issuance by its subsidiary, Mindstone Mall Developers Private Limited. The subsidiary has allotted 3,50,81,328 equity shares of face value ₹10 each at a premium of ₹18.50 per share. The total aggregate consideration raised from this rights issue amounts to ₹99,98,17,848 (approximately ₹999.8 crore).
Shareholding Remains Stable Post-Issue
The rights issue was offered on a rights basis to the existing shareholders of Mindstone. Following the subscription, The Phoenix Mills Limited and CPP Investment Board Private Holdings (4) Inc. continue to hold their respective stakes in Mindstone. The Phoenix Mills Limited maintains its 51% shareholding, while CPP Investment holds 49%, indicating no change in the control or majority ownership structure.
Transaction Details and Timing
The allotment of these equity shares took place on August 10, 2026. The investment was made in cash, with the cost per share at ₹28.50. This capital infusion is intended to support the operations and growth of Mindstone Mall Developers Private Limited.
Mindstone Mall Developers Background
Mindstone Mall Developers Private Limited is an Indian company incorporated on June 18, 2018. It is a subsidiary of The Phoenix Mills Limited and is engaged in the operation, management, and leasing of malls. For the financial year FY23-24, Mindstone reported a net worth of ₹57.19 crore, with Nil turnover and a PAT of –₹1.23 crore.
Source: BSE
