In a statement to the stock exchanges late Tuesday evening, Phoenix Mills said that CPPIB has increased its investment to a total of Rs1,662cr into ISMDPL for 49% ownership stake. Phoenix Mills will own the remnant 51%. The additional funding will allow Island Star to undertake new developments and acquisitions, creating new retail-led mixed-use assets.
Last April, the pension fund had announced that it will invest a total of approximately Rs1,600cr (approximately $250 million) in multiple tranches, to eventually own up to 49% in Island Star.
Phoenix Mills Ltd is currently trading at Rs586.50 up by Rs12.5 or 2.18% from its previous closing of Rs574 on the BSE.