Crest Ventures zooms 5% as the board plans to dispose stake in Classic Mall Development for Rs918 crore

21 Feb 2022 , 10:11 AM

Crest Ventures Ltd along with its Wholly Owned Subsidiary, i.e. Escort Developers Private Limited has proposed to dispose off its entire equity shareholding being 38,49,058 Equity Shares aggregating to 50% of the Equity Share Capital in its associate company, Classic Mall Development Company Limited.

On Monday at around 10:12 AM, Crest Ventures hits 5% upper circuit at Rs183.75 per piece on Sensex.

As per regulatory filing, the company has decided to dispose stake in Classic Mall Development Company for a consideration of Rs918 crore approximately to The Phoenix Mills Limited. 

Further, upon completion of the sale/disposal of the Company’s and Escort’s entire shareholding in CMDCL of 38,49,058 Equity Shares, a consideration of Rs918 crore will be received by the Company and Escort.

The expected date of completion of sale/disposal is tentatively by April, 2022, said company.