Stock Report

The Phoenix Mills Ltd updates on investment

Posted On : 2023-03-27 21:42:05( TIMEZONE : IST )

The Phoenix Mills Ltd updates on investment

The Phoenix Mills Limited ('Company'), Canada Pension Plan Investment Board through its entity viz. CPP Investment Board Private Holdings (4) Inc. ('CPP Investment') and Plutocrat Commercial Real Estate Private Limited ('PCREPL'), a subsidiary company, had entered into and executed Securities Subscription and Purchase Agreement ('SSPA') and Shareholders Agreement ('SHA') for investment of ₹ 1350 crores by CPP Investment in multiple tranches on an aggregate basis, through a combination of primary and secondary investments, subject to fulfilment of the terms and conditions contained in the said agreements.

The Company further vide its letter dated November 17, 2021, informed the Exchanges that the CPP Investment had completed its first tranche of investment of ₹ 787 crores in PCREPL by subscribing to 5,195 equity shares having face value of ₹ 10/- each at a premium of ₹ 1,442,723.3975 per equity share amounting to ₹ 749,50,00,000/- and by way of secondary acquisition of 260 equity shares of PCREPL from the Company, for a consideration of ₹ 37,50,00,000/-.

Subsequent to the completion of said first tranche of investment by CPP Investment, the Company and CPP Investment held 64.10% and 35.90% respectively, of the paid-up equity share capital in PCREPL.

Pursuant to the terms of the said SHA, CPP Investment is entitled to further increase its equity holding upto 49% of the paid-up share capital of PCREPL subject to fulfilment of the terms mentioned in the SHA.

CPP Investment has, on March 27, 2023, completed its second tranche of investment in PCREPL on private placement basis by subscribing to 1,109 equity shares having face value of ₹ 10/- at a premium of ₹ 14,42,731.2083 per equity share aggregating to ₹ 160 crore.

As a result of the aforesaid investment by CPP Investment and allotment of equity shares by PCREPL, the Company and CPP Investment hold 59.74% and 40.26% respectively, of the paid up equity share capital in PCREPL.

Shares of The Phoenix Mills Limited was last trading in BSE at Rs. 1318.95 as compared to the previous close of Rs. 1285.80. The total number of shares traded during the day was 22370 in over 2930 trades.

The stock hit an intraday high of Rs. 1355.00 and intraday low of 1302.05. The net turnover during the day was Rs. 29579756.00.

Source : Equity Bulls


ThePhoenixMills INE211B01039 Investment