The Phoenix Mills Limited completed the acquisition of remaining 50% stake in Classic Mall Development Company Pvt. Ltd. from Crest Ventures Limited and Escorts Developers Private Limited for INR 9.4 billion.
May 04, 2022
Share
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.
Crest Ventures Limited is an India-based non-banking financial company (NBFC). The Company is engaged in the business of real estate and related services, financial services and investment and credit. The Company operates through four segments: Broking and intermediary activities, Real estate, and related activities, Investing and financial activities, and Others. Its Broking and intermediary activities segment includes services in wholesale debt market, foreign exchange markets, options and swaps, mutual fund, and portfolio management services. Its Real estate and related services segment include sale from residential and commercial premises, project development fees and revenue from license fees and other services charged from its residential and commercial properties. Its Investing and financial services segment includes investing in subsidiary, associates, joint ventures and other entities, dealing in fixed income securities market and advancing of inter corporate loans.
The Phoenix Mills Limited completed the acquisition of remaining 50% stake in Classic Mall Development Company Pvt. Ltd. from Crest Ventures Limited and Escorts Developers Private Limited for INR 9.4 billion.