Raymond to demerge real estate biz; list realty vertical on exchanges

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Raymond to demerge real estate biz; list realty vertical on exchanges - Business Standard

Quick Summary:

In a regulatory filing, the company informed that its board has approved the scheme of arrangement of Raymond Ltd (demerged company) and Raymond Realty Ltd (resulting company) and their respective shareholders.

Textile major Raymond Ltd on Thursday said it will demerge the real estate business to unlock the value for shareholders and harness growth potential in the Indian property market.

The standalone operational revenue of the real estate division stood at Rs 1,592.65 crore in the last fiscal, accounting for 24 per cent of the total revenue of Raymond Ltd.