Phoenix Mills Ltd has informed BSE that pursuant to the direction given by the Hon’ble High Court of Bombay, the Equity Shareholders at its meeting held on April 15, 2008, has approved the Scheme of arrangement proposed to be made between the Company and the shareholders of the Company in the nature of amalgamation of Ruia Real Estate Development Company Pvt Ltd with the Company (”the Scheme”).

The Company has further informed that the Shareholders, in a separate Extraordinary General Meeting, have also approved the utilisation of Securities Premium account in the manner provided in the Scheme.