Raymond Limited to invest Rs 301 crore in one or more tranches in Ten X Realty Limited, a step down wholly owned subsidiary, the company said through an exchange filing. Out of this investment the company will invest Rs 125 crore in the form of Redeemable Preference Shares and the balance 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.
TXRL was incorporated in India and registered with Registrar of Companies, Mumbai, Maharashtra on December 24, 2021 to undertake real estate business. Therefore, there are no significant details to report.
The shares of Raymond on Tuesday closed at Rs 1,812, up by 0.21 per cent.