Business Update22 May 2024, 01:28 am
The Phoenix Mills Ltd: CPP Investment's Rs. 2,062.5 Crore Investment in PCREPL
AI Summary
The Phoenix Mills Ltd (PML) announced that Canada Pension Plan Investment Board (CPP Investment) invested Rs. 2,062.5 crore (US$2.7 billion) in PML's subsidiary Plutocrat Commercial Real Estate Private Limited (PCREPL), buying 49.00% stake through primary and secondary investments. This investment came in tranches totaling Rs. 1,350 crore between October 2021 and March 2023.
Key Highlights
- CPP Investment invested Rs. 2,062.5 crore in The Phoenix Mills Ltd's subsidiary, PCREPL
- This investment brought CPP Investment a 49.00% stake in PCREPL
- CPP Investment used primary and secondary methods, investing through two tranches and the purchase of shares from the company
- Investments were made on October 27, 2021, November 16, 2021, November 17, 2021, and March 27, 2023
- Subsequently, PML and CPP Investment held 59.74% and 40.26% respectively, of the paid-up equity share capital in PCREPL
- Later, on May 21, 2024, CPP Investment completed a third tranche of investment, buying an additional 5.07% in PCREPL