Phoenix Mills Subsidiary Invests ₹5.77 Cr in Solar Project

The Phoenix Mills Ltd, through its subsidiary Offbeat Developers Private Limited, has entered into an amendment to a Security Subscription and Shareholders' Agreement (SSSA) with JSW Neo Energy Limited and O2 Renewable Energy XXVIII Private Limited. This agreement involves subscribing to Equity Shares and Series B Compulsory Convertible Debentures of O2 Renewable Energy XXVIII. The investment, totaling ₹5,76,90,000, aims to meet captive user requirements for renewable energy purchase, ensuring compliance with electricity regulations requiring a minimum 26% shareholding for captive status. The acquisition is expected to be completed within 30 business days.