Phoenix Mills announced that the company, GIC (Realty) through it indirectly wholly owned entity viz.
Reco Zinnia (RZPL) and each of Phoenix Mills subsidiaries Offbeat Developers (ODPL), Graceworks Realty and Leisure (GRLPL) and Vamona Developers (VDPL) have on 02 June 2021 executed Definitive Agreements.
Pursuant to the execution of the Definitive Agreements, RZPL, shall subject to the terms and conditions agreed to therein, invest Rs.1511 crore in two tranches.
RZPL s first tranche investment will be Rs.1111 crore and second tranche investment will be Rs. 400 crore on an aggregate basis across ODPL, VDPL and GRLPL.
RZPL shall, in the first tranche, acquire 26.44% equity shareholding in each of the said PML subsidiaries viz. ODPL, GRLPL and VDPL through a