Phoenix Mills climbs up over 4%

The Phoenix Mills is up over 4% at Rs.597.85. Volumes have gone up from two-week average of 1840 shares traded to 5225 shares today morning alone. Its 52-week high is at Rs.716.50 and market cap is over Rs.9000 crore.

Yesterday after market hours, the Canada Pension Plan Investment Board (CPPIB) stated that it invested an additional Rs938 crore in Island Star Mall Developers Pvt. Ltd, a platform it co-owns with The Phoenix Mills Ltd.

With this, CPPIB has increased its investment in Island Star to a total of Rs.1,662 crore and makes its total stake in the company at 49%.

Island Star will be using the funds for further expansions and more acquisitions.

Post the completion of second tranche investment by CPPIB, the Company and CPPIB hold 51 o/o and 49% respectively of the paid up equity share capital of Island Star.