Phoenix Mills raises stake in Alliance Spaces to 36.7 pc

The Phoenix Mills today said its shareholding in Alliance Spaces Private Limited has risen to 36.76 per cent following a 3.75 per cent stake purchase from K2A Hospitality Limited.
"Phoenix Mills ... On December 14, 2016 has acquired 3.75 per cent equity stake from K2A. Subsequent to the above transaction, the effective shareholding of the Company in ASPL has increased from 33.01 per cent to 36.76 per cent," the company said in a regulatory filing.
The Phoenix Mills had entered into a Share Purchase Agreement (SPA) on December 6, 2016 for acquisition of the entire 20.01 per cent shareholding of K2A Hospitality (K2A) in Alliance Spaces Pvt Ltd (ASPL).

The acquisition by the company of the balance shares held by K2A in ASPL will also be effected on the terms and conditions mutually agreed between the Company and K2A and will be subject to fulfilment of certain conditions precedent and other independent conditionalities contained in the SPA, the filing said.
The 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.