Raymond Realty Limited Incorporates Wholly Owned Subsidiary for Real Estate Expansion
Raymond Realty Limited has taken a strategic step into project-specific risk mitigation and new market exploration by approving the incorporation of a wholly owned subsidiary (WoS). The move aims to facilitate undertaking new real estate projects, particularly focusing on projects under the redevelopment model.The Board of Directors approved this initiative, establishing the new entity to focus on the Real Estate Industry.
The proposed subsidiary company is named Ten X Mahalaxmi Limited (TXML). TXML is set up with the specific objective of undertaking the real estate business. The incorporation and initial investment structure were established to allow Raymond Realty to manage and pursue these growth opportunities through a dedicated subsidiary.
Key details regarding the wholly owned subsidiary, as approved by the Board, are summarized below:
| Particulars | Details |
|---|---|
| Name of Proposed Entity | Ten X Mahalaxmi Limited (TXML) |
| Industry | Real Estate Industry |
| Status of Acquisition | Wholly owned subsidiary of Raymond Realty Limited (100%) |
| Initial Capital Structure | Authorized Share Capital of Rs. 1,00,000/- divided into 10,000 equity shares of Rs. 10/- each. |
| Nature of Consideration | Subscription in cash by Raymond Realty Limited along with its nominees. |
Raymond Realty Limited invested the initial subscription amount of Rs. 1,00,000/-, which constitutes the paid up capital for Ten X Mahalaxmi Limited. The subsidiary is proposed to be incorporated in Maharashtra, and it will engage entirely in the real estate business.
RAYMONDREL Stock Price Movement
Raymond Realty Limited shares closed on Friday, edging higher to ₹690 after gaining ₹1.80 (0.26%). The stock traded in the previous session, which saw a daily range between ₹675.25 and ₹701.2, with 347,491 shares traded.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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