Raymond To Spend ₹100 Crore by Issuing Redeemable Preference Shares

September 12, 2024, marks a significant milestone for Raymond Limited as the company announces its Board of Directors’ approval to invest up to ₹100 Crore in its step-down wholly owned subsidiary, Ten X Realty West Limited (TXRWL). This investment will take the form of Redeemable Preference Shares, issued in one or more tranches.

The terms and conditions governing these Redeemable Preference Shares will be finalised at the time of issuance through mutual agreement between the parties involved. Notably, the funds allocated for this investment will be directed towards the execution of redevelopment projects undertaken by TXRWL.

Ten X Realty West Limited (TXRWL) was established as a wholly owned subsidiary with the specific aim of engaging in joint development and redevelopment of real estate ventures. This strategic move underscores Raymond Limited’s commitment to expanding its presence in the real estate sector and capitalising on growth opportunities within the industry.

About Raymond Limited

Incorporated in 1925, Raymond Limited is a diversified group with interests in the Textile and apparel sectors and a presence across diverse segments such as Real Estate, FMCG, and Engineering in national and international markets in 55+ Countries, including the USA, Europe, Japan, and the Middle East. The Company has a retail network of 1,638 stores, including 1,589 stores in about 600 towns and cities in India and 49 overseas stores in 9 countries.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.