The Phoenix Mills Limited (BSE:503100) entered into a non-binding term sheet to acquire remaining 50% stake in Classic Mall Development Company Pvt. Ltd. from Crest Ventures Limited (BSE:511413) and Escorts Developers Private Limited for approximately INR 9.2 billion on February 19, 2022. Crest Ventures Limited will sell 3.57 million shares and Escorts Developers Private Limited will sell 0.28 million shares of Classic Mall Development Company Pvt. Ltd. in the deal. The consideration will be paid in cash in one or more tranches. The Phoenix Mills Limited will fund the acquisition by way of internal accruals and cash on balance sheet. Following the completion of the deal, The Phoenix Mills Limited will own 100% stake in Classic Mall Development Company Pvt. Ltd.

The share purchase agreement is expected to be executed upon satisfactory completion of due diligence by The Phoenix Mills Limited, the approval of shareholders and/or Board of Directors, being received by Crest Ventures Limited and The Phoenix Mills Limited and certain other conditions. Regulatory approval is not required for the acquisition. The acquisition is expected to be completed by April 2022. As on April 19, 2022, the transaction has been approved by the Crest Ventures' shareholders.

The Phoenix Mills Limited (BSE:503100) completed the acquisition of remaining 50% stake in Classic Mall Development Company Pvt. Ltd. from Crest Ventures Limited (BSE:511413) and Escorts Developers Private Limited for INR 9.4 billion on May 5, 2022.