Phoenix Mills to invest Rs 213 cr for acquisitions

Phoenix Mills today said it will invest around Rs 213 crore to acquire stakes in other companies.

The board of directors have approved acquisition of shares by way of subscription or purchase in other corporate bodies for an aggregate consideration of Rs 213 crore, the company informed the Bombay Stock Exchange.

The company would also give guarantee of Rs 55 crore in connection with bridge finance facility availed by Classic Mall Development Company Pvt from IL&FS, it said.

The approval of shareholders for the above issues would be sought through a postal ballot, it added.