Raymond Ltd has announced that a new company by the name of “Ten X Realty Limited” (“TXRL”) has been incorporated as a phased subsidiary of the company for the purpose of carrying on development/development real estate business joint of land and properties other than the Company’s existing properties located in Thane, Maharashtra.
In accordance with the regulatory filing, in order to fund and capitalize TXRL, the Board of Directors of Raymond Limited on December 28, 2021 approved and passed an enabling resolution to infuse the funds in the form of equity/preferred shares/debentures/intercompany deposit /loan (redeemable/non-redeemable/convertible/eventually convertible/non-convertible) up to Rs150cr in addition to one tranche over a period of time on terms mutually agreed and decided from time to time.
Of the said investment, the Company will invest up to Rs75cr in the form of redeemable preferred shares which would be subject to such conditions as may be finally decided and agreed upon.
TXRL has not yet started trading. TXRL was incorporated for the purpose of undertaking real estate business.
At around 09:56, Raymond was trading at Rs626.40 each, up Rs7.75 or 1.25% on BSE.