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Mumbai, Jan. 23 The board of Phoenix Mills Ltd has approved the amalgamation of Ruia Real Estate Development Company Pvt Ltd (RREDCPL) with the company. Accordingly, RREDCPL shareholders holding six equity shares will be issued 11 equity shares of Rs 10 of the company. The appointed date for the merger is November 1.

The share capital of the company comprises 2,71,35,756 equity shares of Rs 10 each and the share capital of RREDCPL 10,00,000 equity shares also of Rs 10. Shareholders of RREDCPL will get a total of 18,33,333 equity shares of Rs 10 making the total capital of the Phoenix Mills 2,89,69,089 equity shares.

Post sub-division of the face value of the equity shares of Phoenix Mills from Rs 10 to Rs 2, every shareholder of RREDCPL holding six equity shares of Rs 10 each will be issued 55 equity shares of Rs 2.

On Wednesday, Phoenix Mills stock closed at Rs 2,100, up 11.74 per cent over the previous close.

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