Phoenix Mills to hike stake in subsidiary Alliance Spaces

Industry: Construction 2016-12-08

MUMBAI: The Phoenix Mills has entered into an agreement to acquire 20% stake in K2A Hospitality, an equity shareholder in its group subsidiary Alliance Spaces.

The proposed acquisition of the company will be effected on terms and conditions mutually agreed between The Phoenix MillsBSE -0.91 % and K2A and will be subject to fulfillment of certain conditions, the developer said in a regulatory notice.

Currently, The Phoenix Mills indirectly holds 33.01% stake in Alliance Spaces as the developer’s subsidiary Phoenix Hospitality Company holds 57.99% stake in Alliance Spaces.

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