iifl-logo-icon 1

Invest wise with Expert advice

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

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

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

6 May 2022 , 10:18 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


Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

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.


Get better recommendations & make better investments

Invest wise with Expert advice

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