Phoenix Mills Completes ISMDPL Capital Reduction

Transaction Background

The disclosure concerns the selective reduction of equity share capital of Island Star Mall Developers Private Limited (ISMDPL), a subsidiary of The Phoenix Mills Limited. The National Company Law Tribunal, Mumbai Bench had approved this capital reduction through its order dated October 27, 2026.

Transaction Completion

ISMDPL completed all necessary compliances to effect the selective reduction and remitted the consideration amount of ₹1,350,00,00,000 (One Thousand Three Hundred and Fifty Crores) to Canada Pension Plan Investment Board (CPP Investments) on November 12, 2026.

Capital Reduction Details

The capital reduction involved cancellation and extinguishment of 3,25,69,360 (Three Crores Twenty Five Lakhs Sixty Nine Thousand Three Hundred and Sixty) fully paid-up equity shares of face value of ₹10 each held by CPP Investments in ISMDPL.

Shareholding Impact

Pursuant to the selective reduction:

• The Phoenix Mills Limited's shareholding in ISMDPL increased from 58.33% to 68.10%
• CPP Investments' shareholding in ISMDPL decreased from 41.67% to 31.90%