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An acquisition of all the compulsorily convertible debentures that represents 14.47 percent holding in its subsidiary Pallazzio Hotels and Leisure Limited has been made by Phoenix Mills.
The Phoenix Mills has said in a regulatory filing that “The company has acquired all the compulsorily convertible debentures (CCDs) held by Aller River Limited (representing 14.47 percent holding on a fully diluted basis) in Pallazzio Hotels & Leisure Limited, a wholly-owned subsidiary of the company.”
The company’s equity holding in Pallazzio Hotels & Leisure Limited will be increased from 58.51 percent to 72.98 percent after completion of conversion of the CCDs at a later date.
