Canada Pension board infuses Rs938cr in investment platform with Phoenix Mills; Shares gain

Phoenix Mills Ltd has said that the Canada Pension Plan Investment Board (CPPIB) has invested addition Rs938cr into Island Star Malls Developers Pvt Ltd(ISMDPL), the strategic investment platform it co-owns with the company.

Apr 11, 2018 09:04 IST India Infoline News Service

Phoenix Mill
Phoenix Mills Ltd has said that the Canada Pension Plan Investment Board (CPPIB) has invested addition Rs938cr into Island Star Malls Developers Pvt Ltd(ISMDPL), the strategic investment platform it co-owns with the company. 

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.


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