For consideration of Rs 918 crore
The Phoenix Mills announced the execution of non]binding term sheet to acquire balance 50% equity stake in Classic Mall Development Company (CMDCL) from Crest Ventures and Escort Developers (a 100% subsidiary of Crest Ventures). PML currently owns 50% in CMDCL and the balance 50% is owned by Crest Ventures (46.35%) and Escorts Developers (3.65%); completion of the stake purchase will make CMDCL a subsidiary of PML.PML will pay Rs. 918 crore to acquire the 50% stake held by Crest Ventures and Escorts Developers. The Company will fund the acquisition by way of internal accruals and cash on balance sheet and complete this transaction either on its own and/or through one of its affiliates. Subject to completion of due diligence, certain condition precedents and necessary approvals from the board, the transaction is expected to close by April 2022.
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