${\mathrm{C}}_6{\mathrm{H}}_5{\mathrm{N}}_2\mathrm{Cl} + {\mathrm{C}}_6{\mathrm{H}}_5\mathrm{OH} +{\mathrm{OH}}^{-}\to \mathrm{X}$ 

Correct statement among the following 

Benzene diazonium chloride reacts with phenol in basic medium to form a p- hydroxy derivative salt which is an azo dye. Here the reaction is an electrophilic substitution in phenol.