Phoenix Mills has entered a Share Purchase Agreement to acquire 62,66,737 Equity Shares of Island Star Mall Developers Private Limited (ISMDPL) from CPP Investments for ₹275.74 Crore. Following the transaction, Phoenix Mills will hold 100% of ISMDPL, making it a wholly-owned subsidiary. The acquisition aims to provide a full exit to CPP Investments from ISMDPL.
Strategic Acquisition Details
Phoenix Mills has executed a Share Purchase Agreement on November 12, 2025, to acquire an additional stake in Island Star Mall Developers Private Limited (ISMDPL). The company will purchase 62,66,737 equity shares from CPP Investments.
Transaction Value and Shareholding Impact
The total consideration for the acquisition amounts to ₹275,73,64,597 (approximately ₹275.74 Crore). This acquisition will increase Phoenix Mills’ ownership in ISMDPL from 55.57% to 100%, resulting in ISMDPL becoming a wholly-owned subsidiary.
Rationale Behind the Deal
This transaction is part of a larger framework agreement aimed at providing CPP Investments with an exit from its equity stake in ISMDPL. The acquisition allows Phoenix Mills to consolidate its control over ISMDPL and streamline its operations. The company already intimated buyback of shares from ISMDPL earlier today, November 12, 2025.
ISMDPL Business Overview
ISMDPL operates and manages ‘Phoenix MarketCity Bengaluru’. ISMDPL’s Standalone Turnover as of March 31, 2025, was ₹28,362.73 Lakhs, and Consolidated Turnover was ₹91,973.14 Lakhs.
Anticipated Completion
The acquisition is expected to be completed within five days from the execution date, or another mutually agreed-upon date.
Source: BSE
