Phoenix Mills to acquire balance 50Percentage in Classic Mall Development Company

27 Feb 2022 , 01:34 AM

The Phoenix Mills announced the execution of non]binding term sheet to acquire balance 50Percentage equity stake in Classic Mall Development Company CMDCL from Crest Ventures and Escort Developers a 100Percentage subsidiary of Crest Ventures PML currently owns 50Percentage in CMDCL and the balance 50Percentage is owned by Crest Ventures 4635Percentage and Escorts Developers 365Percentage; completion of the stake purchase will make CMDCL a subsidiary of PML PML will pay Rs 918 crore to acquire the 50Percentage stake held by Crest Ventures and Escorts Developers The Company will fund the acquisition by way of internal accruals and cash on balance sheet and complete this transaction either on its own andor through one of its affiliates Subject to completion of due diligence certain condition precedents and necessary approvals from the board the transaction is expected to close by April 2022