The Phoenix Mills Limited has informed the Exchange about dilution of stake in Associate Company.
PHOENIXLTD · price
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The Phoenix Mills Limited has announced that its associate company Mirabel Entertainment Private Limited made an allotment of 4,35,000 equity shares via Right Issue on May 07, 2026. The Company did not participate in this Rights Issue. As a result, Phoenix Mills' shareholding in Mirabel has been diluted from 50.00% to 35.49%. This represents a significant reduction of approximately 14.51 percentage points in the Company's stake. Mirabel continues to remain an Associate Company of The Phoenix Mills Limited despite the dilution.
The dilution reduces Phoenix Mills' influence over Mirabel, though it remains an associate. This non-participatory rights issue resulted in a material reduction of the Company's equity interest without indicating any immediate financial impact on Phoenix Mills' standalone financials.