Raymond Group has incorporated Ten X Realty as its step subsidiary for ‘realty biz’

29 December 2021, Mumbai:

Raymond rose 1.03% to Rs 625 after the company said it has incorporated new unit 'Ten X Realty' for its real estate business.

Raymond has incorporated Ten X Realty as its step subsidiary for development/joint development of land and properties other than existing properties of the company situated at Thane, Maharashtra.

The board of Raymond also approved infusing upto Rs 150 crore in Ten X Realty in more than one tranches over a period of time. The fund infusion will be in the form of equity/preference shares/ debentures/ inter-corporate deposit/loan (redeemable/non-redeemable/convertible/optionally convertible/non-convertible).

Out of the said investment, Raymond will invest up to Rs 75 crore in the form of redeemable preference shares which would be subject to such terms as may be finally decided and agreed.

Separately, Raymond said it allotted 1000, 7.6% secured listed redeemable non-convertible debentures (Series Q) of face value Rs 10 lakh each at par, aggregating to Rs 100 crore on private placement basis. The tenure of the instrument is 1095 days. It will mature on 26 December 2024.

The debentures are proposed to be listed on the wholesale debt market segment of the National Stock Exchange of India.

Raymond is India's largest integrated suiting manufacturer that offers end‐to‐end solutions for fabrics and garmenting. It has one of the largest exclusive retail networks in the country with around 1,500 stores in more than 600 towns.

On a consolidated basis, the company reported a net profit of Rs 56.15 crore in Q2 FY22 as compared to a net loss of Rs 136.59 crore posted in Q2 FY21. Net sales jumped 130.1% to Rs 1,551.32 crore in Q2 FY22 over Q2 FY21.

BUSINESS STANDARD (The news article has not been edited by DFU Publications staff)

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