On Tuesday, leading textile and apparels firm Raymond said that it has incorporated a step-down subsidiary Ten X Realty Ltd (TXRL) to carry on real estate business for the development of land and properties at Thane, Maharashtra.
TXRL has been incorporated with the object to undertake real estate business, Raymond said in regulatory filing.
The company said, “A new Company by the name of Ten X Realty Ltd has been incorporated as a step subsidiary of Raymond Ltd with an object to carry on real estate business for development / joint development of land and properties other than existing properties of the Company situated at Thane, Maharashtra.”
In order to fund and capitalize TXRL, the Board of Directors of the Raymond at its meeting held on Tuesday approved and passed an enabling resolution to infuse the funds up to Rs 150 crore in more than one tranches over a period of time.
“Out of the said investment, the company will invest up to Rs 75 crore in form of Redeemable Preference Shares which would be subject such terms as may be finally decided and agreed,” it said.
The investment would be in form of equity, preference shares, debentures or others, it added.
In the dynamic world of business, networking has emerged as a cornerstone for the growth…
The MoU was signed at the ‘Utkarsh Odisha-Make in Odisha Conclave,’ inaugurated earlier in the…
Over 40 land deals were recorded in the Delhi-NCR micro-market, with Gurugram contributing to 60%…
As a young professional, building a strong financial foundation early in your career can set…
In recent years, ESG (Environmental, Social, and Governance) has become a critical framework for evaluating…
In recent years, the demand for premium housing has seen a significant rise among millennials,…
This website uses cookies.