Raymond to demerge real estate unit; shareholders to get Raymond realty shares at 1:1 ratio
Raymond to demerge real estate unit; shareholders to get Raymond realty shares at 1:1 ratio (Representational pic)
Raymond Ltd has taken a huge step by approving the demerger of its real estate business to leverage opportunities in the real estate sector to attract new investors.
This announcement was announced at the Indian stock market’s trading session.
As per the reports, the demerger plans will grant each shareholder of Raymond Ltd one share of Raymond Realty Ltd. As per information, Raymond Realty Ltd independently recorded income of 1,592.65 crores last fiscal year which is only 24 per cent of their total earnings.
Now, the Raymond company’s demerger decision is waiting for the NCLT’s approval to execute its plans. The shares will be listed on the National Stock Exchange and Bombay Stock Exchange. Upon the demerger becoming effective, Raymond Realty Ltd will issue 66,573,731 equity shares with a face value of ₹10 each to the equity shareholders of Raymond Ltd. These shares will be listed on BSE Ltd and the National Stock Exchange of India Ltd, subject to necessary approvals.
The Raymond company has appointed Gautam H. Singhania as the MD for the next 5 years from July 1, 2024.
