Phoenix Mills' Stake in Associate Mirabel Entertainment Diluted from 50% to 35.49% After Rights Issue
Phoenix Mills Reports Dilution in Mirabel Entertainment Stake
The Phoenix Mills Limited disclosed that its shareholding in associate company Mirabel Entertainment Private Limited was diluted from 50.00% to 35.49% following a rights issue of 4,35,000 equity shares of Rs. 10/- face value on May 07, 2026, in which Phoenix Mills did not participate.
Impact on Share Capital and Classification
As a result, Mirabel's paid-up share capital increased to Rs. 1,49,90,000/-, though Mirabel continues to be classified as an associate company of Phoenix Mills. This means that despite the reduction in voting rights, Mirabel Entertainment retains its legal classification as an associate within Phoenix Mills' corporate structure.
Regulatory Filing
The disclosure was made pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Company Secretary Bhavik Gala on behalf of The Phoenix Mills Limited.
About Phoenix Mills' Portfolio
The Phoenix Mills Ltd began its journey in 1905 as a textile manufacturing company on a 17.3-acre site at Lower Parel in Mumbai. Over the past century, the company has evolved significantly from its textile roots. The business evolved from traditional mill operations into diversified real estate, with a major strategic pivot in the 1980s and 1990s toward retail-led development, with the hallmark being the creation of High Street Phoenix, converting former mill land into one of India's premier mixed-use lifestyle destinations, blending shopping, entertainment, and commercial space.
Phoenix Mills Limited (PML) is India's leading owner, operator and developer of retail-led mixed-use destinations. The group's developments are spread across retail, hospitality, commercial offices and residential asset classes. PML and its subsidiaries have an operational retail portfolio of over 11 million square feet of chargeable retail area across eight major cities in India and are further developing approximately 7 million square feet of chargeable retail space across five new malls and expansions of existing retail destinations.
Corporate Structure and Associates
In 2021-22, Starboard Hotels Private Limited, and Mirabel Entertainment Private Limited became Associates of the Company. This indicates that Mirabel Entertainment has been part of Phoenix Mills' portfolio structure for approximately five years prior to this shareholding adjustment. The company manages a diverse ecosystem of subsidiaries and associate companies across its retail, hospitality, commercial and residential segments.
This shareholding adjustment reflects the company's ongoing capital structure management as it continues to focus on its core retail-led mixed-use developments across major Indian metropolitan areas and expanding markets.