Acquisitions24 Jul 2025, 05:32 pm
Phoenix Mills to Acquire Full Control of Island Star Mall Developers from Canada Pension Plan Investment Board
AI Summary
The Phoenix Mills Ltd. has announced that its Board of Directors has approved the execution of a Framework Agreement 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 Developers Private Limited (ISMDPL). The proposed transaction is subject to the approval of shareholders and necessary regulatory approvals. Post completion of the proposed transaction, the Company will hold 100% of the shareholding of ISMDPL and will have sole control over ISMDPL, making it a Wholly Owned Subsidiary.
Key Highlights
- The Phoenix Mills Ltd. to acquire full control of Island Star Mall Developers Private Limited from Canada Pension Plan Investment Board.
- The proposed transaction is subject to the approval of shareholders and necessary regulatory approvals.
- Post completion of the proposed transaction, the Company will hold 100% of the shareholding of ISMDPL and will have sole control over ISMDPL.
- ISMDPL is a Material Subsidiary of the Company with a Standalone and Consolidated Turnover of Rs. 28,362.73 Lakhs and Rs. 91,973.14 Lakhs respectively.
- The proposed Transaction falls under the ambit of Related Party Transaction as per the provisions of Section 2(76) of the Companies Act, 2013 and Regulation 2(1)(zc) and 23 of SEBI Listing Regulations.