The Phoenix Mills has acquired all the compulsorily convertible debentures representing 14.47 per cent holding in its subsidiary Pallazzio Hotels and Leisure Limited.
"The company has acquired all the compulsorily convertible debentures (CCDs) held by Aller River Limited (representing 14.47 per cent holding on a fully diluted basis) in Pallazzio Hotels & Leisure Limited, a wholly-owned subsidiary of the company," The Phoenix Mills said in a regulatory filing.
Upon the completion of conversion of the CCDs at a later date, the company's equity holding in Pallazzio Hotels & Leisure Limited will increase from 58.51 per cent to 72.98 per cent.
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