Acquisitions12 Nov 2025, 08:12 pm
Phoenix Mills Acquires 62.67 Lakh Shares of Island Star Mall Developers from CPP Investments for Rs. 275.74 Crores
AI Summary
The Phoenix Mills Ltd. has entered into a Share Purchase Agreement with Canada Pension Plan Investment Board (CPP Investments) and Island Star Mall Developers Private Limited (ISMDPL) to acquire 62,66,737 Equity Shares of ISMDPL for a consideration of Rs. 275,73,64,597/-. This acquisition forms part of the Proposed Transaction to provide a full exit to CPP Investments from its 49% equity investment in ISMDPL. Post completion of the proposed Transaction, the Company will hold 100% of the shareholding of ISMDPL, making it a Wholly Owned Subsidiary.
Key Highlights
- The Phoenix Mills to acquire 62.67 Lakh shares of Island Star Mall Developers from CPP Investments.
- Transaction amount is Rs. 275.74 Crores.
- Acquisition forms part of the Proposed Transaction to provide a full exit to CPP Investments from its 49% equity investment in ISMDPL.
- ISMDPL is a Material Subsidiary of the Company and is engaged in the activities pertaining to operation, management and leasing of a mall located at Bengaluru.
- Post completion of the proposed Transaction, the Company will hold 100% of the shareholding of ISMDPL.