The Phoenix Mills Ltd. — Capital/Financing Update 2021

May 28, 2021

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 Fax: (022) 3001 6601 CIN No : L17100MH1905PLC000200

May 28, 2021

To,

Phiroze Jeejeebhoy Towers Exchange Plaza, Mumbai‐ 400 001 Mumbai‐ 400051

BSE Limited National Stock Exchange of India Limited Dalal Street, Fort, Bandra‐Kurla Complex, Bandra East,

Security code: 503100 Symbol: PHOENIXLTD

Dear Sir(s),

Sub: Execution of Agreements for the proposed investment by Canada Pension Plan Investment Board ('CPPIB') in Mindstone Mall Developers Private Limited, a wholly owned subsidiary of the Company

In accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that The Phoenix Mills Limited ('Company'), Canada Pension Plan Investment Board ('CPPIB') through its entity viz. CPP Investment Board Private Holdings (4) Inc. and Mindstone Mall Developers Private Limited, (Mindstone), a wholly owned subsidiary company, on May 28, 2021, have executed Securities Subscription Agreement ("SSA") and Shareholders Agreement ('SHA').

Pursuant to the execution of the said Agreements, CPPIB proposes to invest Rs.384 crores in two tranches through a mix of compulsorily convertible debentures (CCDs) and equity shares, subject to fulfillment of the terms and conditions contained in the definitive agreements, for a 49% equity stake in Mindstone on a fully diluted basis and the Company shall hold equity stake of 51%.

Disclosure in terms of Regulation 30 of SEBI (LODR) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 is enclosed as Annexure I.

Thanking you,

Yours faithfully, For The Phoenix Mills Limited Gajendra Mewara Company Secretary Gajendra Mewara Digitally signed by Gajendra Mewara Date: 2021.05.28 23:56:01 +05'30'

Corp. Office: Shree Laxmi Woolen Mills Estate, 2nd Floor, R.R. Hosiery, Off Dr. E. Moses Rd. Mahalaxmi, Mumbai - 400 011 Tel: (022) 3001 6600 Fax: (022) 3001 6601 CIN No : L17100MH1905PLC000200

Annexure I

Sr. No.	Items to be disclosed	Details
1	Detailsandreasonsforrestructuring	InFebruary,2021,Mindstonehadacquired7.48acrelandparcelinAlipore,KolkataforRs.300cr.Mindstoneisdevelopingaretail‐led,mixed‐useassetonthesaidlandwithestimatedchargeableareaof1.2millionsq.ft.CompanyandCPPIBhaveexecuted
		definitiveagreementscontainingthetermsforundertakingthesaiddevelopmentasajointventure.
2.	Quantitativeand/orqualitativeeffectofrestructuring	TheinfusionofthefundsinMindstoneshallbeutilizedforthedevelopmentofretail‐led,mixed‐useassetatAliporeKolkata.
3.	Detailsofbenefit,ifany,tothepromoter/promotergroup/groupcompaniesfromsuchproposedrestructuring	Theinvestmentwillfacilitatethedevelopmentoftheretailcentrewith1millionsq.ft.andcontributetoanincreaseintheGroup'srevenue.
4.	Briefdetailsofchangeinshareholdingpattern(ifany)ofallentities	PostthecompletionoffirsttrancheinvestmentbyCPPIB,theCompanyandCPPIBshallhold74.99%and25.10%respectivelyofthepaidupequitysharecapitalinMindstoneonfullydilutedbasis.
		Uponthecompletionoftheproposedinvestment,subjecttothefulfillmentofthetermsofSHA,itisenvisagedthatCPPIBmayacquireafurther23.90%oftheequityshareholdinginMindstoneandhold49%equityonfullydilutedbasis.