Raymond forays into real estate business with new realty subsidiary

Textile manufacturing major Raymond Group has incorporated a subsidiary, Tex X Realty Limited (TXRL), to carry on its real estate business for developing land and properties in Thane, Maharashtra.

The company has been incorporated to undertake the real estate business. It has been incorporated as a step subsidiary to continue its real estate business for the development or joint development of land and properties apart from its existing properties in Thane.

The Board of Directors of Raymond Group has approved a resolution to infuse funds up to Rs 150 crore in over one tranche to fund and capitalise TXRL.

According to the Board, the company will invest nearly Rs 75 crore as Redeemable Preference Shares, subject to the terms as may be finally decided and agreed upon.

The investment by the company will be made in the form of equity, preference shares, debentures, among others.

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