Phoenix Mills and Canada Pension to further infuse capital up to Rs 800 cr in ISML

Phoenix Mills announced that the company, Island Star Mall Developers (subsidiary of the company) (ISML) and Canada Pension Plan Investment Board (CPPIB) on 27 May 2021 have executed a Further Funding Subscription Agreement (eSubscription Agreementf).

The Company and CPPIB had earlier in April 2017, entered into definitive agreements to develop, own and operate retail led mixed used developments across India and pursuant to which CPPIB had acquired 49% holding in ISML with 51% being held by the Company.

Pursuant to the execution of the said Subscription Agreement, Company and CPPIB shall infuse in aggregate up to Rs.800 crore in multiple tranches towards subscription of Equity Shares of the ISML on Rights basis and the said infusion of capital shall be deployed towards construction and development of the on]going projects of its subsidiaries at Wakad] Pune, Hebbal] Bangalore and Indore] Madhya Pradesh and for such other purposes as may be mutually agreed by the Company and CPPIB.

 

Subsequent to the aforesaid subscription to equity shares by the Company and CPPIB, there is no change in the shareholding of the Company and CPPIB in ISML and they continue to hold 51% and 49% stake respectively.

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