It marks a significant milestone for Raymond Limited as the company announces its Board of Directors’ approval to invest up to Rs 100 Crore in its step-down wholly owned subsidiary, Ten X Realty West Limited (TXRWL). This investment will take the form of Redeemable Preference Shares, issued in one or more tranches.
The terms and conditions governing these Redeemable Preference Shares will be finalised at the time of issuance through mutual agreement between the parties involved. Notably, the funds allocated for this investment will be directed towards the execution of redevelopment projects undertaken by TXRWL.
Ten X Realty West Limited (TXRWL) was established as a wholly owned subsidiary with the specific aim of engaging in joint development and redevelopment of real estate ventures. This strategic move underscores Raymond Limited’s commitment to expanding its presence in the real estate sector and capitalising on growth opportunities within the industry.
