Phoenix Mills has acquired an additional 62,66,737 equity shares of Island Star Mall Developers Private Limited (ISMDPL) from CPP Investments for ₹275.73 Crores. Post-acquisition, Phoenix Mills’ shareholding in ISMDPL increased from 55.57% to 58.33%, while CPP Investments’ shareholding decreased from 44.43% to 41.67%. The acquisition was executed via a Share Purchase Agreement.
Increased Stake in Island Star Mall Developers
Phoenix Mills has successfully acquired a further stake in Island Star Mall Developers Private Limited (ISMDPL). The acquisition involves 62,66,737 equity shares.
Transaction Details
The equity shares were acquired from CPP Investments for a total consideration of ₹275,73,64,597 (Rupees Two Hundred and Seventy-Five Crores Seventy-Three Lakhs Sixty-Four Thousand Five Hundred and Ninety-Seven Only).
Impact on Shareholding
Following this acquisition, the shareholding pattern of ISMDPL has changed. Phoenix Mills now holds 58.33% of ISMDPL, an increase from the previous holding of 55.57%. Conversely, CPP Investments’ stake in ISMDPL has decreased to 41.67%, down from 44.43%.
Source: BSE