Phoenix Mills acquires shares in subsidiary Offbeat Developers

Phoenix Mills today entered into a share purchase agreement for acquisition of the entire 15.18 per cent stake in its subsidiary Offbeat Developers held by Vistra and IIRF.
The company also entered into a share purchase agreement to acquire entire equity share holding of Eder River, representing 4.98 per cent in Offbeat Developers.
Subsequent to the completion of the transactions, the shareholding of the company in ODPL will increase from 74.48 per cent to 94.64 per cent.
"The company has entered into a share purchase agreement (SPA) dated December 19, 2016 for the acquisition by the company of the entire shareholding of Vistra ITCL (India) Limited and IIRF Holdings X Limited, equity shareholders in Offbeat Developers Private Limited (ODPL), representing a cumulative equity shareholding of 15.18 per cent," Phoenix Mills said in a regulatory filing.

Phoenix Mills is primarily 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.