Raymond, a leading textile and apparel conglomerate, has approved significant investments to support the growth of its real estate subsidiaries, Ten X Realty West and Ten X Realty. The board has approved investments of up to INR 100 crore and INR 50 crore, respectively, in the form of redeemable preference shares to fund redevelopment projects. Additionally, the board has re-appointed Ashish Kapadia as an independent director for a second term and appointed Harmohan Sahni, the current Business CEO of the Realty Business, as an executive director. These decisions demonstrate Raymond's commitment to expanding its real estate footprint and strengthening its leadership team to drive long-term success.
The Board of Directors of Raymond, a renowned textile and apparel conglomerate, has approved a significant investment plan to support the growth and development of its step-down wholly owned subsidiaries, Ten X Realty West (TXRWL) and Ten X Realty (TXRL).
The board has approved an investment of up to INR 100 crore in the form of redeemable preference shares in TXRWL, to be made in one or more tranches. Additionally, the board has approved an investment of up to INR 50 crore in the form of redeemable preference shares in TXRL, also to be made in one or more tranches. These investments are aimed at providing the necessary financial resources for the execution of redevelopment projects by these subsidiaries.
In a separate move, the board has also approved the re-appointment of Ashish Kapadia as an independent director of Raymond for a second term of five years, effective from November 26, 2024. Furthermore, the board has approved the appointment of Harmohan Sahni as an executive director for a term of five years, starting from September 1, 2024. Sahni is currently serving as the Business CEO (Realty Business) at Raymond, and this appointment is expected to strengthen the company's leadership team and contribute to the overall growth and strategic direction of the business.
These decisions by the board of directors reflect Raymond's commitment to expanding its real estate footprint and reinforcing its management team to drive the company's long-term success.
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