iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Phoenix Mills increases its stake in Classic Mall Development Company to 100%; Stock slips 2.5%

6 May 2022 , 10:13 AM

The Phoenix Mills Limited (PML), India’s leading mixed-use real estate developer, has announced the completion of acquisition of balance 50% equity stake in Classic Mall Development Company Limited (CMDCL) from Crest Ventures Limited and Escort Developers Private Limited (a 100% subsidiary of Crest Ventures Limited).

As per the filing, prior to this, PML owned 50% in CMDCL and the balance 50% was owned by Crest Ventures (46.35%) and Escort Developers (3.65%). CMDCL is now a wholly owned subsidiary of PML effective today.

PML has paid Rs. 9,360 mn to acquire the 50% stake held by Crest Ventures and Escort Developers. The Company has funded the acquisition by way of internal accruals and cash on balance sheet.

CMDCL owns Phoenix Marketcity Chennai with chargeable area of approx. 1 million sft in Velachery, a prime consumption hub in the city of Chennai. This development is one of the largest malls in the city and is revolutionising the retail & entertainment experience here.

The mall consists flagship stores of renowned international & national brands, cafes and fine dining restaurants, food court, unmatched entertainment and leisure options with a large well-designed multiplex and Family Entertainment Centre. Phoenix Marketcity Chennai generated an EBITDA of Rs 1,579 mn in FY20. For 9M FY22, it reported an EBITDA of Rs. 908 mn.

At around 10:15 AM, Phoenix Mills was trading at Rs1,077.70 apiece down by Rs28.3 or 2.56% on the BSE.

Related Tags

  • acquisition
  • Classic Mall Development
  • Phoenix Mills Ltd
  • Phoenix Mills Ltd news
  • Phoenix Mills Ltd shares
  • Phoenix Mills Ltd stocks
  • Phoenix Mills Sensex
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.