Corporate News     21-Feb-22
Phoenix Mills to acquire balance 50% in Classic Mall Development Company
For consideration of Rs 918 crore
The Phoenix Mills announced the execution of nonĀ]binding term sheet to acquire balance 50% equity stake in Classic Mall Development Company (CMDCL) from Crest Ventures and Escort Developers (a 100% subsidiary of Crest Ventures). PML currently owns 50% in CMDCL and the balance 50% is owned by Crest Ventures (46.35%) and Escorts Developers (3.65%); completion of the stake purchase will make CMDCL a subsidiary of PML.

PML will pay Rs. 918 crore to acquire the 50% stake held by Crest Ventures and Escorts Developers. The Company will fund the acquisition by way of internal accruals and cash on balance sheet and complete this transaction either on its own and/or through one of its affiliates. Subject to completion of due diligence, certain condition precedents and necessary approvals from the board, the transaction is expected to close by April 2022.

Previous News
  Phoenix Mills total consumption jumps 27% YoY in Q4 FY24
 ( Hot Pursuit - 12-Apr-24   12:09 )
  Phoenix Mills Q4 PAT climbs 32% YoY to Rs 388 cr
 ( Hot Pursuit - 20-May-24   16:31 )
  Prestige Estates Projects Ltd Falls 5.36%, S&P BSE Realty Index index Drops 1.12%
 ( Hot Pursuit - 14-Mar-24   09:30 )
  Phoenix Mills' subsidiary acquires prime land parcel in Alipore, Kolkata for Rs 414 crore
 ( Hot Pursuit - 25-Feb-23   09:18 )
  Phoenix Mills gains after Palladium Ahmedabad opens for public
 ( Hot Pursuit - 27-Feb-23   11:14 )
  Phoenix Mills and BSafal Group to launch Palladium, Ahmedabad
 ( Corporate News - 25-Feb-23   11:48 )
  Prestige Estates Projects Ltd Surges 2.6%
 ( Hot Pursuit - 23-Feb-24   09:30 )
  Wipro Ltd leads losers in 'A' group
 ( Hot Pursuit - 22-Jul-24   15:00 )
  Phoenix Mills to acquire balance 50% in Classic Mall Development Company
 ( Corporate News - 21-Feb-22   10:11 )
  Phoenix Mills Ltd Spurts 3.43%
 ( Hot Pursuit - 24-Aug-22   09:30 )
  Crest Ventures divests its entire stake in Classic Mall Development Company
 ( Corporate News - 06-May-22   09:55 )
Other Stories
  GAIL (India) signs MoU with AM Green
  04-Oct-24   19:27
  EaseMyTrip.com resumes bookings to the Maldives
  04-Oct-24   19:25
  BLS completes acquisition of Dubai-based Citizenship Invest
  04-Oct-24   19:23
  Insecticides India launches new maize herbicide 'Torry Super'
  04-Oct-24   19:21
  Landmark Cars receives LoI from Mercedes-Benz India
  04-Oct-24   19:19
  Astra Microwave Products receives affirmation in credit ratings from CRISIL
  04-Oct-24   19:16
  Supreme Petrochem receives affirmation in credit ratings
  04-Oct-24   19:10
  Astec LifeSciences director resigns
  04-Oct-24   19:08
  Board of Gravita India approves change in directorate
  04-Oct-24   19:05
  Board of Gravita India approves fund raising up to Rs 1,000 cr
  04-Oct-24   19:03
Back Top