Phoenix Mills has entered into a Share Purchase Agreement (SPA) on December 6, 2016 for acquisition of the entire 20.01% shareholding of K2A Hospitality (K2A), an equity shareholder in Alliance Spaces (ASPL). The proposed acquisition by the company will be effected on the terms and conditions mutually agreed between the company and K2A and will be subject to fulfillment of certain conditions precedent and other independent conditionalities contained in the SPA.
Besides, the company’s subsidiary - Phoenix Hospitality Company has 57.99% equity shareholding in Alliance Spaces (ASPL) as on date. Hence, ASPL is an indirect subsidiary of the company as per Companies Act, 2013 and the company has an effective shareholding of 33.01% as on date.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.
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