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Phoenix Mills jumps as its arm enters into non-binding term sheet with Canada Pension Plan Investment Board

22 Dec 2016

Phoenix Mills is currently trading at Rs 380.40, up by 9.65 points or 2.60% from its previous closing of Rs. 370.75 on the BSE.

The scrip opened at Rs. 370.95 and has touched a high and low of Rs. 391.65 and Rs. 370.00 respectively. So far 10495 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. 391.65 and Rs. 357.50 respectively. The current market cap of the company is Rs. 5832.61 crore.

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

Island Star Mall Developers (ISML), a wholly owned subsidiary of Phoenix Mills has entered into a non-binding term sheet with Canada Pension Plan Investment Board, on the basis of which the Proposed Investor may, subject to execution of definitive agreements by the parties and fulfillment of conditions as may be applicable from time to time, over a (3-year) period acquire up to 49% of the post issue paid-up equity share capital of ISML (on a fully diluted basis), on such terms and conditions as may be mutually agreed between the parties in the said definitive agreements. If the transaction is consummated in its entirety, then the Company's shareholding in ISML shall stand reduced to, but in any event not below 51% of the paid-up equity capital on a fully diluted basis. 

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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SEBI Registered: Investment Adviser - INA000013323