THE PHOENIX MILLS LTD - Updates on Wholly Owned subsidiary

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The Phoenix Mills Ltd - Updates on Wholly Owned subsidiary

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22 Dec 2016
Phoenix Mills Ltd has informed BSE that the Company have been informed by the wholly owned subsidiary of the Company, Island Star Mall Developers Private Limited (ISML), that it has, on December 22, 2016, entered into a non-binding term sheet with Canada Pension Plan Investment Board (Proposed Investor), on the basis of which the Proposed Investor may, subject to execution of definitive agreements by the parties and fulfillment of conditions as may be applicable from time to time, over a [3-year] period acquire up to 49% of the post issue paid-up equity share capital of ISML (on a fully diluted basis), on such terms and conditions as may be mutually agreed between the parties in the said definitive agreements. If the transaction is consummated in its entirety, then the Company's shareholding in ISML shall stand reduced to, but in any event not below 51% of the paid-up equity capital on a fully diluted basis. The Company have also been informed by ISML that in the event the transaction is completed as envisaged under the proposed definitive agreements, the funds so raised by ISML will be utilized for business development and growth purposes.<BR><BR>ISML owns and operates a retail mall in Bangalore known as Phoenix Marketcity, Bangalore. ISML recorded revenues of Rs. 164.30 crores and PAT of Rs. 37.10 crores for financial year ended March 31, 2016.<BR><BR>The Company will make appropriate disclosures to the exchanges upon receiving confirmation from ISML regarding finalization of terms with the Proposed Investor and execution of definitive agreements with the Proposed Investor.
View all announcements for The Phoenix Mills Ltd	Source: BSE India

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