Phoenix Mills' to sell up to 49% stake in Bengaluru mall

Phoenix Mills' has entered into a non-binding pact with Canada Pension Plan Investment Board to sell up to 49 per cent stake in its wholly-owned subsidiary Island Star Mall Developers Pvt Ltd (ISML).
ISML owns and operates a retail mall Phoenix Marketcity in Bengaluru. ISML recorded revenues of Rs 164.30 crore and net profit of Rs 37.10 crore during the last fiscal.
In a filing to the BSE, Phoenix Mills informed that its subsidiary ISML entered into a non-binding term sheet with Canada Pension Plan Investment Board, which would acquire up to 49 per cent stake in ISML.
"If the transaction is consummated in its entirety, then the company's shareholding in ISML shall stand reduced to, but in any event not below 51 per cent of the paid-up equity capital on a fully diluted basis," the filing said.

The funds raised by ISML would be utilised for business development and growth purposes.