Phoenix Mills has acquired the entire holding of Insight Hotels & Leisure consisting of 10,000 equity shares of Rs 10 each at par for a consideration of Rs 1,00,000 and 7,000 Compulsorily Convertible Debentures (CCDs) of Rs 100 each at par for a consideration of Rs 7,00,000. The company has also been allotted additional equity of 20,000 equity shares of Rs 10 each at par for a consideration of Rs 2,00,000 and 70,000 equity shares of Rs 10 each upon conversion of aforesaid 7,000 Compulsorily Convertible Debentures (CCDs) of Rs 100 each.
The company has in all paid a total consideration of Rs 10,00,000 for the aforesaid acquisitions and allotment of equity shares and CCDs. Accordingly, Insight has become a wholly owned subsidiary of the company with effect from May 5, 2017.
Phoenix Mills is engaged in property development in India. Its activities include planning, execution, and marketing of projects, property rental and management, and maintenance and sale of the completed properties.