The transfer will create two separate firms — the brand new one housing the core branded textile, branded attire and garmenting companies and the present housing its new actual property mission, land financial institution, engineering companies of auto elements and FMCG companies amongst others.
The itemizing can be performed within the mirror shareholding construction which suggests “each shareholder of Raymond can be issued shares of the brand new firm within the ratio of 1:1,” mentioned an announcement from the corporate.
In one other improvement, Raymond additionally introduced the allotment of fairness shares and compulsorily convertible desire shares (CCPS) to JKIT, an affiliate firm in opposition to the infusion of internet proceeds of JKIT land sale that was introduced in October. The corporate final month mentioned it offered 20-acres of land to international funding agency Xander-backed Virtuous Retail South Asia (VRSA) for Rs 700 crore.
The corporate will elevate Rs 225 crore through the allotment of three.three million fairness shares whereas Rs 125 crore can be raised through the allotment of 1.eight million CCPS. Each can be issued at Rs 674 per share. A complete of Rs 350 crores can be used to repay Raymond’s debt.
The shares of the corporate closed 19.99 per cent larger at Rs 808.40 on BSE.
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