Phoenix Mills has received an approval to purchase 40,000 equity shares of face value Rs 10 each and 20,000 equity shares of face value Rs 10 each of Market City Management (MANCO) from Entertainment World Developers and Big Apple Real Estate Development, respectively aggregating 60,000 equity shares in all.
Consequent to the proposed purchase of the said 60,000 shares of MANCO by the company, MANCO will be become a wholly owned subsidiary of the company. The board at its meeting held on November 14, 2011 has approved for the same.
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.