Phoenix Mills Ltd gained as much as 7.3 per cent to hit its highest in seven months.
At about 10 am, the stock was quoting 4.52 per cent or Rs 18.55 higher at Rs 429 on the BSE after hitting a high of Rs 438.10 and a low of Rs 423.85 in early trade.
Canada Pension Plan Investment Board has said that it plans to invest about Rs 1,600 crore ($246.05 mln) to own up to 49 per cent stake in Phoenix Mills' unit Island Star Mall Developers.
CPPIB will initially invest Rs 724 billion for a 30 per cent stake, and then raise it in stages.