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

22 Dec 2016

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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Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323