In a move to safeguard investor trust and uphold regulatory transparency, The Phoenix Mills Limited has issued an official clarification concerning a rumour circulating on social media platforms, including WhatsApp and X (formerly Twitter). The rumour suggested that McLeod Russel may be acquired by the Ruia group of Phoenix, a claim the company has firmly denied.

In its regulatory filing dated July 23, 2025, to both BSE Limited and the National Stock Exchange of India Limited (NSE), Phoenix Mills invoked Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, to voluntarily and proactively disclose that there is no truth to the acquisition speculation. The company reiterated that it strongly refutes and rejects the baseless rumour, terming it as misinformation without any credibility or substance.

The official communication was signed by Mr. Bhavik Gala, Company Secretary of Phoenix Mills, and emphasized that the company is issuing this clarification as a good governance measure to prevent the proliferation of false narratives and uphold transparency in the interest of all stakeholders, including shareholders, regulators, and the broader public.

Rumour Details and Response

The rumour claimed that “McLeod Russel can be acquired by Ruia’s of Phoenix”, which started making rounds on non-mainstream social media platforms such as WhatsApp groups and X (Twitter). In its response, Phoenix Mills clarified that:

• There is no credence or validity to the rumour.

• The company has not engaged in any such discussions or agreements regarding McLeod Russel.

• The information is unsubstantiated, speculative, and misleading.

Phoenix Mills has firmly stated that investors and the general public should disregard such information as it holds no factual basis and has the potential to cause unnecessary confusion in the market.

Regulatory Transparency and Compliance

The company reaffirmed its commitment to making all disclosures as mandated under the SEBI Listing Regulations. The clarification further states that any significant developments, material events, or price-sensitive information will be shared only through appropriate stock exchange filings and the official company website.

Phoenix Mills continues to remain vigilant in terms of corporate governance and ensures that market integrity is maintained by proactively addressing rumours and misinformation.

Investor Advisory and Responsible Communication

The company took this opportunity to remind all investors and stakeholders to:

• Rely only on official communication from Phoenix Mills.

• Ignore unverified news from social media unless confirmed through exchanges or official press releases.

• Stay updated via the company’s investor portal and stock exchange disclosures.

Such clarification becomes vital in an era where social media can rapidly amplify unverified news, leading to volatility in stock prices, misplaced investor sentiment, and erosion of corporate reputation.

About The Phoenix Mills Limited

Phoenix Mills Limited is one of India’s leading retail-led mixed-use real estate developers, with flagship properties such as Phoenix Palladium, Phoenix Marketcity, and Phoenix Paragon Plaza. The company is known for its strong governance practices, consistent disclosures, and commitment to shareholder value creation.

Founded in 1905, the company has evolved into a diversified real estate developer while maintaining its original textile mill heritage. Its corporate office is located at Shree Laxmi Woollen Mills Estate, Mahalaxmi, Mumbai, and its registered office is at Senapati Bapat Marg, Lower Parel, Mumbai.

Reputation Management in the Digital Era

With increasing digital penetration and the rapid flow of information, companies like Phoenix Mills are finding it imperative to swiftly counter false information to preserve investor confidence. By issuing this clarification, Phoenix Mills not only upholds transparency but also sets a precedent for ethical and timely corporate communication.

Conclusion

To summarize, Phoenix Mills has:

• Categorically denied the rumour of acquiring McLeod Russel.

• Urged the public and investors to disregard misleading social media content.

• Reaffirmed its regulatory and governance commitments.

This proactive approach by Phoenix Mills serves as a model for how companies can mitigate the effects of misinformation, especially in an environment where false narratives can go viral in seconds.

Stakeholders can expect further developments, if any, to be communicated only through authorized channels. Until then, the company has decisively closed the matter, stating that no acquisition is being contemplated or under discussion.

The clarification is also available on the official website of Phoenix Mills under their Investor Relations > FY2026 > Exchange Intimations section.

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