Tribunal approves Rs1,350 crore reduction in CPP stake in Phoenix mall unit
PHOENIXLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
The Mumbai company law tribunal approved cancelling 3,25,69,360 shares held by CPP Investments in Island Star Mall Developers, which operates Phoenix MarketCity Bengaluru. The subsidiary will pay Rs1,350 crore in cash, raising The Phoenix Mills' stake from 58.33% to 68.10%. CPP's stake falls to 31.90%. The deal forms part of a plan for CPP's full exit and Phoenix's full ownership. Payment is due within 30 days after filing the certified order with the company registrar.
Phoenix gains stronger control of a major mall platform and moves towards full ownership, but the Rs1,350 crore cash outflow could increase group funding needs or debt.