Phoenix Mills announced that its material subsidiary, Island Star Mall Developers (ISMDPL) has completed the buyback of 2,03,40,909 equity shares, wherein the Company did not participate and Canada Pension Plan Investment Board (CPP Investments) had offered 2,03,40,909 equity shares in the buyback and ISMDPL had accordingly bought back the same for a consideration of Rs 895 crore (providing a full exit to CPP Investments from its 49% stake in ISMDPL).
Pursuant to aforesaid buyback of equity shares by ISMDPL, the shareholding of the Company in ISMDPL has increased from 51% to 55.57%.
ISMDPL is engaged in the activities pertaining to operation, management and leasing of a mall located at Bengaluru known as ‘Phoenix MarketCity Bengaluru'.