Raymond invests Rs 301 crore in Ten X Realty

According to a filing with the stock exchange, Raymond Limited will invest Rs 301 crore in Ten X Realty Limited, a step-down wholly owned subsidiary, in one or more tranches. Out of this investment the company will invest Rs 125 crore in the form of Redeemable Preference Shares and the balance Rs 176 crore will be invested by providing Inter Corporate Deposit (ICD) to TXRL.

Under a Joint Development Agreement, TXRL is currently renovating the Bandra housing society in Mumbai.

As on date, Authorized Share Capital of TXRL is Rs.75.10 Crore divided into 1 Lac equity shares of Rs.10 each and 7.5 Crore preference shares of Rs. 10 each.

On December 24, 2021, TXRL was established in India and registered with the Mumbai, Maharashtra Registrar of Companies to conduct real estate business.