Phoenix Mills Ltd has announced that the Company has through investments in Palladium Constructions Pvt Ltd and Platinum Hospitality Services Pvt Ltd., acquired, a parcel of land at Rajaji Nagar, Bangalore. The acquisition has been funded through equity contribution from Phoenix along with another larger Real Estate Investor.
Yatra Capital Ltd ("Yatra"), the first Euronext quoted, Indian Real Estate Investment Company, has co-invested with Phoenix in 2 SPVs. Yatra has invested Rs 109 crores in Palladium Constructions Pvt Ltd and Rs 62 crores in Platinum Hospitality Services Pvt Ltd.
Through this investment, Yatra has acquired a 30% stake in both these Companies and Phoenix will hold the balance 70% stake.
The Phoenix Mills Stock closed the day at Rs.395, down by Rs.4.30 or 1.08%. The stock hit an intraday high of Rs.400.50 and low of Rs.392.
The total traded quantity was 9782 compared to 2 week average of 24328.
Source: Equity Bulls
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