Raymond, the prominent textile and apparel company, is set to invest up to Rs. 301 crore in Ten X Realty (TXRL), its wholly-owned subsidiary. This investment includes Rs. 125 crore in redeemable preference shares and Rs. 176 crore via an Inter Corporate Deposit (ICD). TXRL is currently involved in redeveloping a housing society in Mumbai's Bandra locality under a joint development agreement. This strategic investment reflects Raymond's commitment to its real estate ventures.
The board of directors of Raymond, the renowned textile and apparel major, has given the green light for a substantial investment of up to Rs. 301 crore in Ten X Realty (TXRL). TXRL is a step-down wholly-owned subsidiary of Raymond. This investment reflects Raymond's strategic commitment to its realty ventures.
Out of the total investment, an amount of up to Rs. 125 crore will be infused by Raymond into TXRL in the form of redeemable preference shares. The terms and conditions governing these preference shares will be finalized in due course. Additionally, the remaining balance of Rs. 176 crore will be provided as an Inter Corporate Deposit (ICD) to TXRL.
TXRL, as of October 3, 2023, possesses an authorized share capital of Rs. 75.10 crore. This capital is divided into 1 lakh equity shares, each valued at Rs. 10, and 7.5 crore preference shares, also valued at Rs. 10 each. Presently, TXRL is actively engaged in the redevelopment of a housing society located in the vibrant Bandra locality of Mumbai. This redevelopment project operates under a joint development agreement, signifying a pivotal step in Raymond's real estate portfolio.
Raymond Realty, a subsidiary of Raymond Limited, represents the group's foray into real estate development. With a strong legacy of quality and innovation that spans nearly a century, Raymond has extended its commitment to excellence into the real estate sector.
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