Phoenix Mills Ltd has informed BSE that Island Star Mall Developers Private Limited ('ISMDPL) is a wholly owned subsidiary of the Company wherein the Company is directly holding 91.28% shareholding and remaining 8.72% equity shareholding is held by Pinnacle Real Estate Development Private Limited ('PREDPL'), another wholly owned subsidiary of the Company.<BR><BR>In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has acquired 8.72% equity stake in ISMDPL from PREDPL on December 28, 2016.<BR><BR>Subsequent to the aforesaid acquisition, the direct equity stake of the Company in ISMDPL has increased from 91.28% to 100% and ISMDPL continues to remain a wholly owned subsidiary of the Company.
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