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The Phoenix Mills' subsidiary sees equity reduction as CPP Investments exits with Rs 13.50 billion
28-Oct-2026, 06:31
The Phoenix Mills Ltd. said the National Company Law Tribunal’s Mumbai Bench has approved a selective reduction of equity share capital for Island Star Mall Developers Private Limited, a material subsidiary, by way of cancelling 32,569,360 shares held by Canada Pension Plan Investment Board (“CPP Investments”). As a result of the reduction, The Phoenix Mills’ shareholding in ISMDPL will increase from 58.33% to 68.10%, while CPP Investments’ stake will decrease from 41.67% to 31.90%, with ISMDPL paying an aggregate consideration of Rs 13.50 billion.