Key Transaction Details
Mindstone Mall Developers Private Limited ("Mindstone"), a subsidiary of The Phoenix Mills Limited, allotted 3,50,81,328 equity shares of face value of ₹10 each at a premium of ₹18.50 per share for cash. The aggregate consideration for the rights issue was ₹99,98,17,848. The allotment was made to existing shareholders on August 10, 2026 in proportion to their existing shareholding.
Company's Specific Investment
The Company was allotted 1,78,91,477 equity shares for cash at a price of ₹28.50 per fully paid-up equity share (including premium of ₹18.50 per share). This represents an aggregate investment of ₹50,99,07,094.50 by The Phoenix Mills Limited.
Ownership Structure Impact
Following the rights issue subscription by both The Phoenix Mills Limited and CPP Investment Board Private Holdings (4) Inc. ("CPP Investment"), there is no change in their respective shareholdings in Mindstone. The Company continues to hold 51% stake while CPP Investment maintains its 49% stake.
Subsidiary Company Background
Mindstone Mall Developers Private Limited is an Indian company incorporated on June 18, 2018. The Phoenix Mills Limited is the promoter and holding company of Mindstone. The subsidiary is engaged in activities pertaining to operation, management and leasing of malls, with market presence in India.
Financial Information of Mindstone
Net Worth: ₹568.14 Crores (as disclosed)
Turnover: Nil for FY 2023-24, FY 2024-25, and FY 2025-26
Profit After Tax: -₹3.38 Crores (FY 2023-24), -₹1.23 Crores (FY 2024-25), -₹0.35 Crores (FY 2025-26)
Additional Information
The complete details as required under SEBI Listing Regulations are provided in Annexure A to the letter. The information has been uploaded on the Company's website at https://www.thephoenixmills.com/investors/FY2027/Exchange-Intimations.