Phoenix Mills acquires remaining stake in ISMDPL

Phoenix Mills today said it has acquired the remaining 8.72 per cent stake in its wholly-owned subsidiary Island Star Mall Developers Pvt Ltd (ISMDPL).
"Subsequent to the aforesaid acquisition, the direct equity stake of the company in ISMDPL has increased from 91.28 per cent to 100 per cent and ISMDPL continues to remain a wholly owned subsidiary of the company," Phoenix Mills informed the BSE.
It said that the company was directly holding 91.28 per cent shareholding in ISMDPL and the remaining 8.72 per cent equity shareholding was held by Pinnacle Real Estate Development Pvt Ltd (PREDPL), another wholly-owned subsidiary of the company.

"In accordance with Regulation 30 of SEBI...The company has acquired 8.72 per cent equity stake in ISMDPL from PREDPL on December 28," it added.