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Jan 01, 2018 09:47 AM IST | Source: Moneycontrol.com

Phoenix Mills rises 6% on stake acquisition in subsidiary company

GRLPL is engaged in the business of construction, development, and operation of commercial and retail offices.

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Share price of Phoenix Mills rose 6 percent intraday Monday as it has acquired 22.67 percent stake in its subsidiary company.

The company has entered into a share purchase agreement (SPA) with HBS Realtors (HBS) and Graceworks Realty & Leisure (GRLPL) on December 29,

2017 for acquisition of entire 22.67 percent shareholding of HBS in GRLPL, a subsidiary of the company.

Pursuant to the said SPA, the company has acquired entire 22.67 percent equity shareholding of HBS on December 29, 2017.

The effective shareholding of the company in GRLPL has increased from 44.02 percent to 66.69 percent and GRLPL continues to remain a subsidiary of the company.

GRLPL is engaged in the business of construction, development, and operation of commercial and retail offices.

The acquisition is in line with company's objective of consolidating its holding in its existing subsidiaries. It has not require regulatory approval for the acquisition.

The share touched its 52-week high Rs 679.60 and 52-week low Rs 337.55 on 28 December, 2017 and 06 February, 2017, respectively.

Currently, it is trading 4.5 percent below its 52-week high and 92.27 percent above its 52-week low.

At 09:38 hrs Phoenix Mills was quoting at Rs 649, up Rs 27.45, or 4.42 percent on the BSE.

The share surged 76 percent in the last one year.

Posted by Rakesh Patil
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