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Phoenix Mills okays equity shares allotment to Phoenix Hospitality shareholders, Real Estate News, Realty Beat

Phoenix Mills okays equity shares allotment to Phoenix Hospitality shareholders, Real Estate News, ET RealEstate
Retail-led mixed-use assets developer and operator The Phoenix Mills has approved the allotment of 62.70 lakh equity shares of the company to the shareholders of Phoenix Hospitality Company Pvt Ltd.

The allotment is being made as per the share exchange ratio provided in the scheme of amalgamation as approved by the National Company Law Tribunal (NCLT), Mumbai Bench, the company said in a regulatory filing.

The NCLT has approved the scheme of merger by absorption of Phoenix Hospitality Company with The Phoenix Mills and their respective shareholders. The appointed date of the scheme of merger by absorption is April 1, 2019, as defined in the scheme, the NCLT Mumbai bench said while sanctioning the merger.

The transferor company, Phoenix Hospitality, is engaged in the activity of real estate development, while the transferee company, The Phoenix Mills, is engaged in mixed use retail-led real estate development activities on a Pan-India basis.

The merger is aimed at simplified corporate structure and bringing in efficiency in management.


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