Phoenix Mills’ subsidiary -- Alyssum Developers has entered into Security Subscription and Shareholders’ Agreement with O2 Renewable Energy XXIX and O2 Energy SG PTE for subscribing 3,82,760 Equity shares of Rs 10 each and 34,450 Compulsory Convertible Debentures of Rs 1000 each of O2 Renewable XXIX for purchase of renewable energy (electricity) generated from the captive generating plant.
Alyssum will subscribe to 40% equity shareholding of O2 Renewable Energy XXIX. Subscription of Equity Shares and Compulsory Convertible Debentures of O2 Renewable Energy XXIX will enable Alyssum to become Captive User and consume solar power generated by O2 Renewable Energy XXIX.
Alyssum has also signed Power Purchase Agreement with O2 Renewable Energy XXIX whereunder O2 Renewable Energy XXIX as Power Seller shall be supplying Solar Power to Alyssum in accordance with the agreements.
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.
