Phoenix Mills raises stake in subsidiary Alliance Space to 74.09%
The Phoenix Mills has acquired a cumulative 37.33% stake in its subsidiary Alliance Space Pvt Ltd (ASPL) through stake buy from three different entities. The company has paid total consideration of Rs 24.83 crore for these transactions. It has acquired entire shareholding of Fulda River Pvt Ltd that represented 15.95% equity in ASPL. It has also acquired entire shareholding of K2A representing 16.26% in ASPL and entire 5.12% shareholding of Crest Ventures Ltd in ASPL.
The company’s stake in ASPL has increased to 74.09% from 36.76%, Phoenix Mills said in a BSE notice.
ASPL is engaged in the business of construction and development with total annual turnover of Rs 4 crore and net worth of Rs 96.56 crore as on March 2017