MUMBAI: To unlock the growth potential of the real estate business and to attract a fresh set of investors , Raymond plans to consolidate the realty business under a single entity.
Towards this, its board has approved the separation of the real estate business from Raymond. The business will be housed under a new entity, Raymond Realty , which will seek automatic listing on the stock exchanges, and a Raymond shareholder will receive one share of the new entity for every one share held in the former.
Once the reorganisation is complete, promoters will own 49% in the listed Raymond Realty, while the public will own the remaining 51%. The realty business contributed 24% or Rs 1,593 crore to the total turnover of Raymond in FY24.
The segregation will enable the management to explore potential growth opportunities as well as unlock value in the realty business, said Raymond, which started as a fabric maker in 1925. It will also allow investors to allocate their portfolio into separate entities focused on the distinct businesses, the textile major said. The realty business has 100 acres of land in Thane, located in the outskirts of Mumbai, of which about 40 acres is currently under development.
Towards this, its board has approved the separation of the real estate business from Raymond. The business will be housed under a new entity, Raymond Realty , which will seek automatic listing on the stock exchanges, and a Raymond shareholder will receive one share of the new entity for every one share held in the former.
Once the reorganisation is complete, promoters will own 49% in the listed Raymond Realty, while the public will own the remaining 51%. The realty business contributed 24% or Rs 1,593 crore to the total turnover of Raymond in FY24.
The segregation will enable the management to explore potential growth opportunities as well as unlock value in the realty business, said Raymond, which started as a fabric maker in 1925. It will also allow investors to allocate their portfolio into separate entities focused on the distinct businesses, the textile major said. The realty business has 100 acres of land in Thane, located in the outskirts of Mumbai, of which about 40 acres is currently under development.
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