The Phoenix Mills Limited announced on November 12, 2026, that its shareholding in its subsidiary, Island Star Mall Developers Private Limited (ISMDPL), has increased from 58.33% to 68.10%. This follows the completion of a selective reduction of ISMDPL’s equity share capital, approved by the National Company Law Tribunal (NCLT). The transaction involved the cancellation and extinguishment of shares held by Canada Pension Plan Investment Board (CPP Investments) for an aggregate consideration of ₹1,350 crore.
The Phoenix Mills Boosts Subsidiary Stake
The Phoenix Mills Limited has successfully increased its ownership in its subsidiary, Island Star Mall Developers Private Limited (ISMDPL), from 58.33% to 68.10%. This development, announced on November 12, 2026, is a result of a selective reduction of ISMDPL’s equity share capital, which received approval from the Hon’ble National Company Law Tribunal (NCLT), Mumbai Bench.
Share Capital Reduction Details
The NCLT order, dated October 27, 2026, sanctioned the cancellation and extinguishment of 3,25,69,360 fully paid-up equity shares of face value Rs. 10/- each. These shares were held by Canada Pension Plan Investment Board (CPP Investments). ISMDPL remitted an aggregate consideration of ₹1,350,00,00,000/- (Rupees One Thousand Three Hundred and Fifty Crores) for this transaction.
Impact on Shareholding
Following the completion of the share capital reduction and remittance of consideration on November 12, 2026, The Phoenix Mills Limited’s stake in ISMDPL has risen to 68.10%. Concurrently, the shareholding of CPP Investments has decreased from 41.67% to 31.90% in ISMDPL.
Source: BSE
