Deals19 Aug 2025, 08:00 pm
Phoenix Mills Receives CCI Approval for CPP Investments' Exit from Island Star Mall
AI Summary
The Phoenix Mills Ltd. has announced that it has received approval from the Competition Commission of India (CCI) for the proposed arrangement to provide an exit to Canada Pension Plan Investment Board (CPP Investments) from its 49% equity shareholding in the company's material subsidiary, Island Star Mall Development Private Limited. This approval comes after the company's board of directors approved the proposed transaction in July 2025, subject to shareholder approval and necessary regulatory approvals. The company is uploading the information on its website and requesting stock exchanges to take it on record.
Key Highlights
- Phoenix Mills has received approval from the CCI for the proposed exit of CPP Investments from Island Star Mall
- CPP Investments holds a 49% equity shareholding in Island Star Mall, a material subsidiary of Phoenix Mills
- The proposed transaction was approved by the company's board of directors in July 2025
- The transaction is subject to shareholder approval and necessary regulatory approvals
- The company is uploading the information on its website and requesting stock exchanges to take it on record