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Phoenix Mills (PML) has announced merger of its subsidiary Phoenix Hospitality Company Pvt Ltd with itself. The scheme was approved by the respective boards from the appointed date of April 1, 2019 subject to regulatory approvals. PML holds 56.92 per cent stake in PHCPL with 43.08 per cent being held by Ruia International Holding Co Pvt Ltd. RIHCPL is a promoter group entity and as of June quarter end, it held 32.18 per cent stake in PML. As per the scheme, RIHCPL will get 627 shares of PML for every 100 shares. Consequently, the promoter group holding in PML will increase by 1.46 per cent to 64.21 per cent. The stock of Phoenix Mills closed 0.16 per cent lower at ₹643.65 on the BSE.
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