MoneyWorks4Me

Phoenix Mills to acquire additional stake in Classic Mall and Classic Housing

01 Aug 2012 Evaluate

Phoenix Mills has received an approval of its board to acquire the stake of Kshitij Venture Capital Fund (Kshitij) in Classic Mall Development (Classic Mall) and Classic Housing Projects (Classic Housing) jointly with Sharyans Resources, another shareholder in the said companies. Pursuant to completion of the said transaction, the company will hold an effective equity stake of 50.01% in Classic Mall Development and 50% in Classic Housing Projects.

The company held 31% stake in Classic Mall Development and 32% stake in Classic Housing Projects prior to this said acquisition.

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.

Peers
Company Name CMP
Lodha Developers 1064.00
Prestige EstatesProj 1412.65
Dilip Buildcon 395.05
DLF 646.50
Oberoi Realty 1697.70
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