Phoenix Mills to acquire balance 50% in Classic Mall Development Company


For thought of Rs 918 crore
The Phoenix Mills introduced the execution of non]binding phrase sheet to purchase harmony 50% fairness stake in Classic Shopping mall Development Enterprise (CMDCL) from Crest Ventures and Escort Builders (a 100% subsidiary of Crest Ventures). PML at present owns 50% in CMDCL and the stability 50% is owned by Crest Ventures (46.35%) and Escorts Developers (3.65%) completion of the stake order will make CMDCL a subsidiary of PML.
PML will shell out Rs. 918 crore to purchase the 50% stake held by Crest Ventures and Escorts Developers. The Company will fund the acquisition by way of internal accruals and money on balance sheet and complete
this transaction either on its own and/or through just one of its affiliates. Subject matter to completion of because of diligence, specified problem precedents and important approvals from the board, the transaction is expected to shut by April 2022.






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To start with Posted: Mon, February 21 2022. 10:11 IST