Phoenix Mills has bought 22.67% stake in its subsidiary company. This move is a part of company’s objective of consolidating its holding in its existing subsidiaries.

The company on December 29, 2017 has entered into a share purchase agreement (SPA) with HBS Realtors (HBS) and Graceworks Realty & Leisure (GRLPL) for acquiring entire 22.67% stake of HBS in GRLPL, a subsidiary of the company.

GRLPL is involved in the business of construction, development and operation of commercial and retail offices. Further, for this acquisition the company did not require any regulatory approval.

Now, the effective shareholding of the company in GRLPL post acquisition has increased to 66.69% from 44.02% and GRLPL remains a subsidiary of the company.

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