Shares of The Phoenix Mills advanced over 5 per cent in the afternoon trade on Friday after the company on Saturday announced that it has entered into an agreement for acquisition of additional stake in its subsidiary Graceworks Realty & Leisure.

The scrip was trading 5.70 per cent up at Rs 657 at around 12.10 pm (IST). Shares of the company opened at Rs 628.50 and touched a high and low of Rs 663.10 and Rs 628.50, respectively, in trade so far. Benchmark BSE Sensex was down 10 points, or 0.03 per cent, at 34,046 at around the same time.

The company said that it has entered into a share purchase agreement (SPA) with HBS Realtors (HBS) and Graceworks Realty & Leisure Private (GRLPL) on December 29, 2017 for acquisition of entire 22.67 per cent shareholding of HBS in GRLPL, a subsidiary of the company.

Pursuant to the SPA, the company has acquired entire 22.67 per cent equity shareholding of HBS on December 29, 2017, The Phoenix Mills said. Also, the effective shareholding of the company in GRLPL has increased from 44.02 per cent to 66.69 per cent and GRLPL continues to remain a subsidiary of the company, it added.

GRLPL is engaged in the business of construction, development, and operation of commercial and retail offices.