Leading textile and apparels firm Raymond on Tuesday said 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 a regulatory filing.
"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," the company said.
In order to fund and capitalise 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 tranche over a period of time.
"Out of the said investment, the company will invest up to Rs 75 crore in the 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.
(Edited by : Jomy Jos Pullokaran)
First Published: IST