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Phoenix Mills surges on plan of hiking stake in ODPL to 94.64%

20 Dec 2016

Phoenix Mills is currently trading at Rs. 368.10, up by 4.15 points or 1.14% from its previous closing of Rs. 363.95 on the BSE.

The scrip opened at Rs. 370.00 and has touched a high and low of Rs. 376.00 and Rs. 366.85 respectively. So far 514 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 445.00 on 08-Sep-2016 and a 52 week low of Rs. 238.30 on 29-Feb-2016.

Last one week high and low of the scrip stood at Rs. 411.85 and Rs. 357.50 respectively. The current market cap of the company is Rs. 5634.39 crore.

The promoters holding in the company stood at 62.86%, while institutions and non-institutions held 33.31% and 3.83% respectively.

Phoenix Mills has entered into a Share Purchase Agreement (SPA) on December 19, 2016 for the acquisition of entire shareholding of Vistra ITCL (India) (Vistra) and IIRF Holdings X (IIRF), equity shareholders in Offbeat Developers (ODPL) representing a cumulative equity shareholding of 15.18%.

The proposed acquisition by the company will be effected on the terms and conditions mutually agreed between Vistra, IIRF and the company and will be subject to fulfillment of certain conditions precedent and other independent conditionalities contained in the SPA.

Earlier, in September 17, 2016, the company had entered into a SPA to acquire entire equity shareholding of Eder River, representing 4.98% in ODPL. Subsequent to the completion of both the aforesaid transactions, the shareholding of the company in ODPL will increase from 74.48% to 94.64%.

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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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323