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TXRL was incorporated to undertake real estate business. It has undertaken redevelopment of the housing society at Bandra, Mumbai under Joint Development Agreement.
Out of the said investment, the company will invest up to Rs 125 crore in the form of redeemable preference shares which would be subject to such terms as may be finally decided and agreed. The balance amount of Rs 176 crore will be invested by providing inter corporate deposit (ICD) to TXRL.
The said investment in redeemable preference shares of TXRL is being approved to provide funding for real estate project undertaken by TXRL.
Raymond is a leading manufacturer of worsted suiting fabrics and garments in India. It also has a presence in precision engineering products and real estate.
The company reported consolidated net profit of Rs 1,065 crore in Q1 FY24, steeply higher from Rs 81 crore in Q1 FY23. Revenue from operations increase by 4% to Rs 1,826 crore during the quarter as compared with Rs 1,754 crore in corresponding quarter last year.
The scrip fell 0.42% to Rs 1800.75 on the BSE.
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