Canada Pension Plan Investment Board has completed its first tranche of investment in Island Star Mall Developers Pvt Ltd, subsidiary of Phoenix Mills. The pension fund subscribed to fresh equity share capital of ISMDPL and purchased equity shares held by the company in ISMDPL. Following completion of the first tranche of investment, the pension major now holds 30 per cent is ISMDPL, and the rest by Phoenix Mills. Shares may react positively to the development.