Raymond Ltd to invest up to Rs. 301 crore in Ten X Realty ltd

The Board of Directors of Raymond Limited ('the Company') at their meeting held today i.e., October 3, 2023, have approved to invest an amount up to Rs. 301 Crore in one or more tranches in Ten X Realty Limited ("TXRL"), a step down wholly owned subsidiary of the Company.

Out of the said investment, the Company will invest up to Rs.125 Crore in the form of Redeemable Preference Shares which would be subject to such terms as may be finally decided and agreed. Balance amount of Rs. 176 Crore will be invested by providing Inter Corporate Deposit (ICD) to TXRL.

At present TXRL has undertaken redevelopment of the housing society at Bandra, Mumbai under Joint Development Agreement.

As on date, Authorized Share Capital of TXRL is Rs.75.10 Crore divided into 1 Lac equity shares of Rs.10 each and 7.5 Crore preference shares of Rs. 10 each.

Shares of Raymond Limited was last trading in BSE at Rs. 1808.30 as compared to the previous close of Rs. 1807.65. The total number of shares traded during the day was 5039 in over 759 trades.

The stock hit an intraday high of Rs. 1819.90 and intraday low of 1789.75. The net turnover during the day was Rs. 9096335.00.

Source : Equity Bulls

Keywords

Raymond INE301A01014 Investment TenXRealty