Phoenix Mills arm, CPP Investment completes 2nd tranche of investment in Plutocrat Commercial Real Estate worth ₹160 Cr
1 min read 27 Mar 2023, 10:52 PM ISTPhoenix Mills arm, Canada Pension Plan Investment (CPP Investment) completes 2nd tranche of investment today in Plutocrat Commercial Real Estate (PCREPL) worth ₹160 Cr.
PremiumPhoenix Mills arm, Canada Pension Plan Investment (CPP Investment) completes 2nd tranche of investment today in Plutocrat Commercial Real Estate (PCREPL) worth ₹160 Cr. By subscribing to 5,195 equity shares with a face value of ₹10 each at a premium of ₹1,442,723.3975, totalling ₹749,50,00,000/- and by the secondary acquisition of 260 equity shares of PCREPL from the Company for a consideration of ₹37,50,00,000/-, CPP Investment had completed its first tranche of investment of ₹787 crores in PCREPL in November 2021.
When the first tranche of CPP Investment's investment was finished, the Company and CPP Investment acquired 64.10% and 35.90%, respectively, of PCREPL's paid-up equity share capital. According to the provisions of the aforementioned Shareholders Agreement (SHA), subject to compliance with the terms and conditions, CPP Investment is permitted to further grow its equity holding up to 49% of the paid-up share capital of PCREPL.
“In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that CPP Investment has, on March 27, 2023, completed its second tranche of investment in PCREPL on private placement basis by subscribing to 1,109 equity shares having face value of ₹10/- at a premium of ₹14,42,731.2083 per equity share aggregating to ₹160 crore. As a result of the aforesaid investment by CPP Investment and allotment of equity shares by PCREPL, the Company and CPP Investment hold 59.74% and 40.26% respectively, of the paid up equity share capital in PCREPL," said Phoenix Mills in a stock exchange filing today.
The shares of Phoenix Mills closed today on the NSE at ₹1,320.00 apiece level, up by 2.98% from the previous close of ₹1,281.80. The stock recorded a total volume of 5,45,243 shares compared to the 20-Day average of 267,008 shares. In the last 1 year the stock has gained 27.12% and on a YTD basis it has fallen 7.42% so far in 2023. The stock touched a 52-week-high of ₹1,624.00 on (09-Nov-2022) and a 52-week-low of ₹955.35 on (19-Apr-2022). During Q3FY23, the company recorded a promoter shareholding of 47.31%, FIIs stake of 29.27%, DIIs stake of 19.02% and a public stake of 4.40%.
