Phoenix Mills to acquire remaining 49% stake in ISMDPL for ₹275.73 crore, making it a wholly-owned subsidiary
Phoenix Mills will acquire 62,66,737 equity shares of its material subsidiary, Island Star Mall Developers Private Limited (ISMDPL), from CPP Investments for ₹275.73 crore, increasing its stake to 100%.
This is a significant strategic move involving a substantial financial outlay to gain complete control over a material subsidiary, directly impacting the company's asset base, future financial performance, and operational control over its key mall portfolio.
The acquisition of the remaining stake in its material subsidiary, ISMDPL, to achieve 100% ownership will provide Phoenix Mills with full control and consolidate future earnings, simplifying the ownership structure and enhancing strategic alignment.
The Phoenix Mills Limited announced the acquisition of 62,66,737 equity shares of its material subsidiary, Island Star Mall Developers Private Limited (ISMDPL), from Canada Pension Plan Investment Board (CPP Investments) for a consideration of ₹275,73,64,597 (Rupees Two Hundred and Seventy Five Crores Seventy Three Lakhs Sixty Four Thousand Five Hundred and Ninety Seven).
* This transaction is part of a previously intimated framework agreement dated July 24, 2025, to provide an exit to CPP Investments from its 49% equity shareholding in ISMDPL. * Following a buyback of shares by ISMDPL, Phoenix Mills' shareholding in ISMDPL had already increased from 51% to 55.57%. * Post completion of this acquisition, Phoenix Mills will hold 100% of ISMDPL, making it a Wholly Owned Subsidiary with sole control. * ISMDPL is engaged in real estate development, including the operation, management, and leasing of malls like ‘Phoenix MarketCity Bengaluru’, ‘Phoenix Mall of Millennium’ (Pune), ‘Phoenix Mall of Asia’ (Bengaluru), and ‘Phoenix Citadel’ (Indore). * As of March 31, 2025, ISMDPL's standalone turnover was ₹28,362.73 Lakhs and consolidated turnover was ₹91,973.14 Lakhs. * The transaction is classified as a Related Party Transaction, for which requisite approvals from the Audit Committee, Board, and Shareholders have been obtained. A valuation report was secured from Bansi S. Mehta Valuers LLP. * The completion of this acquisition is expected to occur no later than five days from November 12, 2025, or as mutually agreed.
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The Phoenix Mills Limited filed this with the NSE as a statutory disclosure, categorised under acquisition. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by The Phoenix Mills Limited. Read the original for the full detail.