Phoenix Mills : Acquisition

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor,

R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011

Tel: [phone] Fax : [phone]

CIN No. : L17100MH1905PLC000200

January 25, 2022
BSE Limited	National Stock Exchange of India Limited
Phiroze Jeejeebhoy Towers	Exchange Plaza,
Dalal Street, Fort,	Bandra-Kurla Complex, Bandra East,
Mumbai- 400 001	Mumbai- 400051
Security code: 503100	Symbol: PHOENIXLTD

Dear Sirs/Madam,

Subject - Intimation under Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform that the Company's subsidiaries namely i.e. Vamona Developers Private Limited and Offbeat Developers Private Limited ('PML Subsidiaries') have entered into Share Subscription and Shareholders Agreement with Renew Surya Kiran Private Limited ('RSKPL') and Renew Green Energy Solutions Private Limited for subscribing to the Equity Shares of RSKPL, in one or more tranches, as per the details set out below.

	%	of	Total Equity Investment
Name of the Subsidiary	shareholding of	(INR)
RSKPL to	be
	subscribed
Vamona Developers Private Limited	19.97%		1,50,08,000
Offbeat Developers Private Limited	11.23%		84,42,000
Total	31.20%		2,34,50,000

PML Subsidiaries have also signed Power Supply Agreements with RSKPL whereunder RSKPL as power producer shall be supplying solar power to the PML subsidiaries in accordance with the agreements.

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : [phone] / 8 / 9

Fax : [phone] E-mail : [e-mail] www.thephoenixmills.com

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor,

R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011

Tel: [phone] Fax : [phone]

CIN No. : L17100MH1905PLC000200

The details as required under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/ 4/2015 dated September 9, 2015 are given in Annexure A to this letter.

We request you to kindly take the same on record.

Thanking you,

Yours faithfully,

for The Phoenix Mills Limited

GAJENDRA Digitally signed by

GAJENDRA MEWARA

MEWARA Date: 2022.01.25 21:25:36 +05'30'

Gajendra Mewara

Company Secretary

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : [phone] / 8 / 9

Fax : [phone] E-mail : [e-mail] www.thephoenixmills.com

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor,

R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011

Tel: [phone] Fax : [phone]

CIN No. : L17100MH1905PLC000200

Annexure A

Acquisition (including agreement to acquire)

Sr.	Details of Events that need to be	Information of such events(s)
No.	provided
1.	Name of the target entity, details in	Renew Surya Kiran Private Limited ('RSKPL')
	brief such as size, turnover etc.		is an Indian Company incorporated on July 29,
					2020 as a Special purpose Vehicle of Renew
					Green Energy Solutions Private Limited
					Turnover: Nil (RSKPL was incorporated on
					July 29, 2020 and is yet to commence business)
2.	Whether the acquisition would fall	The execution of Share Subscription and
	within	related	party	Shareholders Agreement ('SSSA') and Power
	transaction(s)and	whether	the	Supply Agreement ('PSA') does not fall within
	promoter/	promoter	group/	group	the purview of related party transaction.
	companies have any interest in the
	entity being acquired?		The promoter / promoter group / group
	If yes, nature of interest and details	companies of the Company do not have any
	interest in the entity (RSKPL) whose Equity
	thereof and whether the same is done	shares are being acquired.
	at "arms length"
3.	Industry to which the entity being	Solar Power Generation
	acquired belongs
4.	Objects and effects of acquisition	Subscription of Equity Shares in RSKPL will
	(including but not limited to,	enable the PML Subsidiaries to become Captive
	disclosure	of reasons for acquisition	Users and consume solar power generated
	of target entity, if its business is	by RSKPL.
	outside the main line of business of the	The object of acquisition of shares is to meet the
	listed entity)
					requirements under the Electricity Act 2003,
					Electricity Rules 2005 and other applicable
					Laws to hold a minimum of 26% shareholding
					so as to comply with the captive status.
5.	Brief details of any governmental or	Not Applicable
	regulatory	approvals required for
	the acquisition
6.	Indicative time period for completion	Within maximum 120 days from the date of
	of the acquisition			execution of SSSA.

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : [phone] / 8 / 9

Fax : [phone] E-mail : [e-mail] www.thephoenixmills.com

								Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor,
								R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011
								Tel: [phone] Fax : [phone]
								CIN No. : L17100MH1905PLC000200
7.	Nature	of	consideration -whether	The consideration would be paid in cash (in
	cash consideration or share swap	one or more tranches).
	and details of the same
8.	Cost of acquisition or the price at	Total Consideration - Rs. 2,34,50,000/-
	which the shares are acquired		Rs. 1,50,08,000 to be invested by Vamona
								Developers Private Limited ('VDPL') and
								Rs. 84,42,000 to be invested by Offbeat
								Developers Private Limited ('ODPL')
9.	Percentage of shareholding / control	Total of 31.20%
	acquired and / or number of shares
	acquired						VDPL to acquire 19.97 % of RSKPL
								ODPL to acquire 11.23 % of RSKPL
10.	Brief	background	about	the entity	Renew Surya Kiran Private Limited ('RSKPL')
	acquired	in	terms of products/line	is an Indian Company incorporated on July 29,
	of business	acquired,	date	of	2020 as a Special purpose Vehicle of Renew
	incorporation, history of last 3 years	Green Energy Solutions Private Limited
	turnover,	country	in	which	the
	acquired entity has presence and	RSKPL is a wholly owned subsidiary of Renew
	any	other significant information (in	Green Energy Solutions Private Limited
	brief)						Market Presence: India
								Turnover of Last Three years: Not Applicable
								(RSKPL was incorporated on July 29, 2020 and
								is yet to commence business)

Regd. Office : The Phoenix Mills Ltd., 462 Senapati Bapat Marg, Lower Parel, Mumbai 400 013. Tel : [phone] / 8 / 9

Fax : [phone] E-mail : [e-mail] www.thephoenixmills.com