Acquisitions11 Mar 2026, 04:51 pm
Phoenix Mills Subsidiary Acquires 34.23% Stake in Torrent Green Energy
AI Summary
The Phoenix Mills Ltd. has completed the allotment of 70,19,386 Class A Equity Shares worth Rs. 10/- each to its subsidiary, Classic Mall Development Company Limited. This acquisition is part of a Security Subscription and Shareholders’ Agreement between Classic Mall, Torrent Green Energy Private Limited and Torrent Urja 22 Private Limited. The agreement is for subscribing to 70,19,386 Class A Equity Shares for the purchase of renewable energy (electricity) generated from the captive generating plant. Post-acquisition, Classic Mall holds 34.23% stake in Torrent.
Key Highlights
- Phoenix Mills' subsidiary, Classic Mall, acquires 34.23% stake in Torrent Green Energy
- Acquisition is part of a Security Subscription and Shareholders’ Agreement
- 70,19,386 Class A Equity Shares worth Rs. 10/- each allotted to Classic Mall
- Acquisition for the purchase of renewable energy from the captive generating plant
- Classic Mall now holds 34.23% stake in Torrent post-acquisition