Phoenix Mills Ltd (PML) yesterday announced that it has completed the 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).
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. 936 crore to acquire the 50% stake held by Crest Ventures and Escort Developers, which was funded via internal accruals and cash on balance sheet.
The overall despondency on the Street has spread across most stocks. PML opened 1% lower at Rs.1095 and went down to an intraday low at Rs.1065.10, down almost 4%.