Raymond Ltd forms subsidiary Ten X Realty Limited for Real Estate

A new Company by the name of "Ten X Realty Limited" ("TXRL") has been incorporated as a step subsidiary of Raymond Limited ('the Company') with an object to carry on real estate business for development / joint development of land and properties other than existing properties of the Company situate at Thane, Maharashtra.

In order to fund and capitalize TXRL, the Board of Directors of the Raymond Limited ("the Company") at their meeting held on December 28, 2021 approved and passed an enabling resolution to infuse the funds the form of equity / preference shares / debentures / inter-corporate deposit / loan (redeemable / non-redeemable / convertible / optionally convertible / nonconvertible) up to Rs.150 Crore in more than one tranches over a period of time on such terms as mutually agreed and decided from time-to-time. Out of the said investment, the Company will invest up to Rs.75 Crore in the form of Redeemable Preference Shares which would be subject such terms as may be finally decided and agreed.

Shares of Raymond Limited was last trading in BSE at Rs. 618.65 as compared to the previous close of Rs. 615.75. The total number of shares traded during the day was 13080 in over 958 trades.

The stock hit an intraday high of Rs. 627.60 and intraday low of 616.95. The net turnover during the day was Rs. 8141301.00.

Source : Equity Bulls

Keywords

Raymond INE301A01014 TenXRealty RealEstateBusiness