Phoenix Mills, a retail-led assets company has entered into a share purchase agreement (SPA) on December 6, 2016 for the acquisition by the Company of the entire 20.01% shareholding of K2A Hospitality (K2A), an equity shareholder in Alliance Spaces Private (ASPL).

The proposed acquisition by the company will be effected on the terms and conditions mutually agreed between the company and K2A and will be subject to fulfilment of certain conditions precedent and other independent conditionalities contained in the SPA.

Besides, Phoenix Mills's subsidiary, Phoenix Hospitality Company has 57.99% equity shareholding in ASPL as on date. Hence, ASPL is an indirect subsidiary of the Company as per section 2(87) of the Companies Act, 2013 and the Company has an effective shareholding of 33.01% as on date.

Shares of the company declined Rs 7.95, or 2.24%, to trade at Rs 347.30. The total volume of shares traded was 915 at the BSE (10.08 a.m., Thursday).