INSUBCONTINENT EXCLUSIVE:
Textile-focused conglomerate Raymond on Friday surged after the company announced the demerger of its core lifestyle business and also its
and garmenting businesses and the existing housing its new real estate project, land bank, engineering businesses of auto components and
on BSE around 11:15 (IST)
However, it is still 9.5 per cent below its 52-week high of Rs 884.85.
In another development, Raymond also announced the allotment of
equity shares and compulsorily convertible preference shares (CCPS) to JKIT, an associate company against the infusion of net proceeds of
JKIT land sale that was announced in October
The company last month said it sold 20-acres of land to global investment firm Xander-backed Virtuous Retail South Asia (VRSA) for Rs 700
crore.
The company will raise Rs 225 crore via the allotment of 3.3 million equity shares while Rs 125 crore will be raised via the
allotment of 1.8 million CCPS
Both will be issued at Rs 674 per share