MUMBAI: Phoenix Mills Ltd on Friday said the shareholders of the company will consider a special resolution to acquire shares in three companies for Rs 313 crore by postal ballot.
The shareholders would consider the special resolution by way of postal ballot to acquire by way of subscription, purchase or otherwise, shares in Graceworks Realty & Leisure Pvt Ltd, Classic Mall Development Company Pvt Ltd and Padmashil Finvest Pvt Ltd, the textile company informed the Bombay Stock Exchange.
The company would acquire 30 per cent shareholding in Graceworks Realty & Leisure for Rs 73 crore, 32 per cent stake in Classic Mall Development Company for Rs 200 crore and 90 per cent shareholding in Padmashil Finvest for Rs 40 crore, it added.
The company, along with Sharyans Resources Ltd, would provide a corporate guarantee of Rs 55 crore to Infrastructure Leasing and Financial Services Ltd for securing financial assistance of Rs 65 crore for Classic Mall Development Company Pvt Ltd.
The company said the aggregate of the loans and investments so far made in all corporate bodies along with the aforesaid investments and guarantee, may exceed 60 per cent of its paid-up share capital and free reserves, or one hundred per cent of its free reserves, whichever is more.
It added that the results of the postal ballot would be announced on October 20.
The shares of the company closed at Rs 640, up 0.20 per cent at the BSE.
