Phoenix Mills Subsidiary Allots Shares Worth ₹99.98 Cr on Rights Basis
Mindstone Mall Developers Private Limited, a subsidiary of The Phoenix Mills Ltd, has allotted 3,50,81,328 equity shares of face value Rs. 10 each at a premium of Rs. 18.50 for cash, aggregating Rs. 99,98,17,848/-. The allotment was made on a rights basis to existing shareholders. The company and CPP Investment Board Private Holdings (4) Inc. continue to hold 51% and 49% stakes respectively in Mindstone, with no change in their shareholding percentages post-allotment. Mindstone, incorporated in June 2018, is involved in real estate development and has a net worth of ₹568.14 Crores. The investment by Phoenix Mills in this rights issue is not considered a related party transaction under Listing Regulations.
Key Highlights
- Phoenix Mills subsidiary, Mindstone Mall Developers, raised ₹99.98 Cr via rights issue.
- 3,50,81,328 equity shares allotted at a premium of ₹18.50 per share.
- Phoenix Mills and CPP Investment maintain 51% and 49% stakes respectively.
- No change in shareholding percentages for the parent and CPP Investment.
- Mindstone is a real estate development company with ₹568.14 Cr net worth.
Price Impact
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