Phoenix Mills share price rises 5% on investment by Canada Pension Plan

The share touched a 52-week high of Rs 1,199.95 and a 52-week low of Rs 609 on 10 November, 2021 and 17 November, 2020, respectively.

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Phoenix Mills share price rose 5 percent intraday to Rs 1,144.95 on November 18 after Canada Pension Plan Investment Board announced investment of Rs 787 crore in the company’s subsidiary.

CPP Investments, on November 16, 2021, completed its first tranche of investment in Plutocrat Commercial Real Estate Private Limited (PCREPL) on private placement basis and by way of secondary acquisition of equity shares held by the company in PCREPL aggregating to Rs 787 crore,” company said in the release.

The Phoenix Mills, Canada Pension Plan Investment Board through its entity viz. CPP Investment Board Private Holdings (4) Inc. and Plutocrat Commercial Real Estate Private Limited (PCREPL), a wholly owned subsidiary of Phoenix Mills, had entered into and executed

securities subscription and purchase agreement and shareholders agreement for investment of Rs 1,350 crore by CPP Investments in multiple tranches on an aggregate basis, through a combination of primary and secondary investments, subject to fulfilment of the terms and conditions contained in the definitive agreements.

Subsequent to the completion of first tranche of investment by CPP Investments, Phoenix Mills and CPP Investments hold 64.10% and 35.90% respectively in the paid up equity share capital in PCREPL.

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At 09:37 hrs Phoenix Mills was quoting at Rs 1,103.80, up Rs 18.85, or 1.74 percent.

The share touched a 52-week high of Rs 1,199.95 and a 52-week low of Rs 609 on 10 November, 2021 and 17 November, 2020, respectively.

Currently, it is trading 8.01 percent below its 52-week high and 81.25 percent above its 52-week low.