Phoenix Mills has entered into a Share Purchase Agreement (SPA) for the acquisition of the entire 5.36% equity shareholding of HBS Realtors (HBS) in Offbeat Developers (ODPL). The proposed acquisition by the company will be effected on the terms and conditions contained in the SPA.
Further, the company has entered into SPA to acquire entire equity shareholding of IIRF Holdings X (IIRF), Vistra ITCL (India) (Vistra) and Eder River (Eder River), representing a cumulative stake of 11.05% in ODPL.
Subsequent to the completion of all the aforesaid transactions with HBS, IIRF, Vistra and Eder River, the shareholding of the company in ODPL will increase from 83.59% to 100% and ODPL will become a wholly owned subsidiary of the company.
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.