Phoenix Mills to soar on acquistion deal
DSIJ Intelligence / 20 Dec 2016
Phoenix Mills will likely soar on the new acquistion deal, which the company has come up with. The company has informed bourses that it has entered into a share purchase agreement for the acquisition of the entire shareholding of Vistra ITCL India Ltd, and IIRF Holdings X Ltd., that are equity shareholders in Offbeat Developers Pvt. Ltd., which represents cumulative equity shareholdings of 15.18 per cent.
Phoenix Mills will likely soar on the new acquistion deal, which the company has come up with. The company has informed bourses that it has entered into a share purchase agreement for the acquisition of the entire shareholding of Vistra ITCL India Ltd, and IIRF Holdings X Ltd., that are equity shareholders in Offbeat Developers Pvt. Ltd., which represents cumulative equity shareholdings of 15.18 per cent. The proposed acquisition by the company will be effected on the terms and conditions mutually agreed between Vistra and IIRF.
On the other hand, company had informed bourses that it has entered into a share purchase agreement to acquire entire shareholding of Eder River Ltd., representing 4.98 per cent in ODPL. Subsequent to the completion of both the transactions, the shareholding of the company in ODPL will increase from 74.48 per cent to 94.64 per cent.
The shares of the company in the last three months have fallen by 14 per cent. Fifty-two week high/low of the stocks stands at Rs 445/238.30.
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