Phoenix Mills ends 2% up after it buys stake in Gangetic Hotels

Shares of Phoenix Mills surged over 4 per cent in trade on Wednesday after the company said it has acquired the entire 19.38 per cent equity stake held by MTX Hotels in Gangetic Hotels Private Limited (GHPL).

The stock ended the day at Rs 332.55, up 1.92 per cent after hitting an intraday high of Rs 340, up 4.19 per cent, on the Bombay Stock Exchange (BSE).

"Phoenix Mills Ltd has informed BSE that the company has acquired entire equity stake held by MTX Hotels Private Limited, Amitabh Tayal and Priyank Tayal in Gangetic Hotels Private Limited (GHPL) aggregating to 19.38 per cent of GHPL's equity share capital on October 6, 2015.

"Accordingly, subsequent to the aforesaid acquisition, in terms of the provisions of the Companies Act, 2013, GHPL has become a subsidiary of the company with effect from October 6, 2015," Phoenix Mills said in a BSE filing.

(With inputs from PTI)