The Phoenix Mills Limited has announced a dilution of its shareholding in its associate company, Mirabel Entertainment Private Limited. Following a Rights Issue in which The Phoenix Mills Limited did not participate, the company’s stake has been reduced from 50.00% to 35.49%. Despite this change in equity structure, Mirabel Entertainment continues to operate as an associate company of The Phoenix Mills Limited.
Details of the Rights Issue
On May 07, 2026, Mirabel Entertainment Private Limited completed an allotment of 4,35,000 equity shares through a Rights Issue to an existing shareholder. Each share was issued at a face value of Rs. 10/-. This corporate action resulted in an expansion of the total paid-up share capital of the associate company, which now stands at Rs. 1,49,90,000/-.
Impact on Shareholding Structure
The decision by The Phoenix Mills Limited not to participate in the Rights Issue has led to a rebalancing of the ownership structure in Mirabel. Consequently, the company’s total voting rights and shareholding have diluted from 50.00% to 35.49%. The Phoenix Mills Limited has clarified that, notwithstanding the reduced ownership percentage, Mirabel Entertainment Private Limited remains classified as an associate company under its corporate portfolio.
Source: BSE
