Latest news | Raymond incorporates a new company for the real estate business
New Delhi, December 28 (PTI) Leading textile and clothing company Raymond on Tuesday announced that it had established a receding subsidiary Ten X Realty Ltd (TXRL) to carry out real estate activities for land and property development in Thane, in Maharashtra.
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TXRL was incorporated for the purpose of undertaking real estate activities, Raymond said in a regulatory filing.
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“A new company by the name of Ten X Realty Ltd has been incorporated as a phased subsidiary of Raymond Ltd for the purpose of carrying out real estate activities for the development / joint development of land and properties other than the existing properties of the company located in Thane, Maharashtra, ”the company said.
In order to fund and capitalize TXRL, Raymond’s board of directors at its meeting held on Tuesday approved and passed an enabling resolution to infuse funds up to Rs 150 crore in installments over a period of time.
“On said investment, the company will invest up to Rs 75 crore in the form of redeemable preferential shares which would be subject to conditions which could be finally decided and agreed upon,” he said.
The investment would be in the form of stocks, preferred stocks, bonds or the like, he added.
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