Direct equity holding increases to 100%
Phoenix Mills announced that Island Star Mall Developers ('ISMDPL') is a wholly owned subsidiary of the Company wherein the Company is directly holding 91.28% shareholding and remaining 8.72% equity shareholding is held by Pinnacle Real Estate Development ('PREDPL'), another wholly owned subsidiary of the Company.In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has acquired 8.72% equity stake in ISMDPL from PREDPL on 28 December 2016.
Subsequent to the aforesaid acquisition, the direct equity stake of the Company in ISMDPL has increased from 91.28% to 100% and ISMDPL continues to remain a wholly owned subsidiary of the Company.
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