Share price of Phoenix Mills rose 3 percent intraday Wednesday after company sold entire equity holding in wholly-owned subsidiary company to another subsidiary company.
The company has entered into a share purchase agreement (SPA) dated December 11, 2018 with Insight Mall Developers, its wholly-owned subsidiary and Island Star Mall Developers, its subsidiary, for sale/disposal of the entire equity holding in Insight by the company, in favour of Island.
The company has transferred its entire equity holding in Insight to Island on December 11, 2018.
Post the aforesaid transfer, Insight has ceased to be the company's wholly-owned subsidiary and has become a step down subsidiary of the company w.e.f. December 11, 2018.
The company has appointed Rajendra Kalkar as a whole-time director of the company w.e.f. December 10, 2018.
At 10:10 hrs Phoenix Mills was quoting at Rs 613.35, up Rs 11.15, or 1.85 percent on the BSE.
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Source: Moneycontrol
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