Phoenix Mills subsidiary hikes stake in Gangetic Hotels
Bhagyashree Vivarekar / 16 Feb 2017
The Phoenix Mills Ltd’s subsidiary Palladium Constructions Pvt Ltd (PCPL) has increased its effective stake in its subsidiary Gangetic Hotels Pvt Ltd from 42.98 per cent to 74.11 per cent on Feb 15.
The Phoenix Mills Ltd’s subsidiary Palladium Constructions Pvt Ltd (PCPL) has increased its effective stake in its subsidiary Gangetic Hotels Pvt Ltd from 42.98 per cent to 74.11 per cent on Feb 15. The consideration has been paid in cash. PCPL has completed the above deal of shares for Rs 5 crore.
Gangetic Hotels Pvt Ltd. is engaged in the business of developing and owning hotels. It currently ownsCourtyard by Marriot in Agra.
The acquisition is in line with PCPL’s agenda of consolidating its position in its existing business. No regulatory approvals were required for the acquisition.
The Phoenix Mills Ltd’s stock opened at Rs 347 on the BSE and rose 3.39 per cent,
Phoenix Mills Ltd has its presence in the real estate sector and is engaged in the construction of mega retail malls, entertainment complexes, commercial spaces or hospitality units.