29 Dec , 2021 By : monika singh
NEW DELHI – Shares of Raymond NSE 0.66 ?ded2.6 per cent in early trade Wednesday after the leading textile and apparels firm said it incorporated a step-down subsidiary Ten X Realty (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 the real estate business, Raymond said.
The apparel major’s shares climbed to a high of Rs 634.90 against the previous close of Rs 618.90 on the National Stock Exchange.
"A new company by the name of Ten X Realty Ltd has been incorporated as a step subsidiary of Raymond 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," Raymond said in a regulatory filing.
To fund and capitalize 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 tranches over a period of time.
Out of Rs 150 crores, Raymond plans to 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, the company said in the exchange filing, adding that the investment would be in the form of equity, preference shares, debentures or other instruments.
Raymond reported a consolidated net profit of Rs 56.15 crore for the second quarter ended September 2021, helped by a good performance in all business segments. The company had incurred a net loss of Rs 136.59 crore in the July-September period a year ago.
Total income was up over two folds to Rs 1,583.26 crore during the quarter under review as against Rs 732.34 crore in the corresponding period of the previous fiscal year.
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