The 1993 film, which starred Pooja Bhatt and Rahul Roy, is known to be Mahesh's second cinematic exploration of his relationship with late actress Parveen Babi, after "Arth`.
"Phir Teri Kahani Yaad Aayee` delved into Parveen's mental illness and the push-pull of her and Mahesh's relationship.
A director for the play is yet to be finalised, but actor Imran Zahid, who has starred in theatrical adaptations of Mahesh's films "Arth", "Daddy" and "Hamari Adhuri Kahani", will be seen as the lead actor in the stage version of "Phir Teri Kahani Yaad Aayee".
"Apart from Zahid, the other characters haven't been finalised yet. We're looking for a committed director with a living mind and heart," Mahesh said, and added that music is going to be a key in the play.
Imran, who is fascinated by Mahesh's autobiographical cinema, said: "This role is very special for me. Bhatt sahab has left direction, but to portray a character from one of his classics fills me with nostalgia. It's a dream come true."
The play is scheduled to premiere in Delhi, Mumbai and other major cities in October.
For Mahesh, "Phir Teri Kahani Yaad Aayee" is a special movie and close to his heart.
"There was a time when my friend Johny Bakshi asked me if I could do a film for him as he was going through tough times in his career. 'Phir Teri Kahani Yaad Aayee' is a movie totally inspired by my own life. Those days when the movie was made, were the most difficult moments of my life.
"Parveen had a mental breakdown and she was going and coming back into my life. I untangled all the broken threads of my heart and expressed my love and grief through the movie.
"The lines which were told in the climax in the movie were the lines which were actually told in real life when Parveen died. I vouch my gratitude to the actress and I owe the success of my films to her," he added.
