Chennai, Jun 17 (PTI) The board of Rane (Madras) Ltd, a manufacturer of steering and suspension products, on Tuesday approved the sale of land measuring about 3.48 acres in the city to Canopy Living LLP, the company said.

Canopy Living LLP, is a joint venture firm between Arihant Foundations & Housing Ltd and Prestige Estates Projects Ltd.

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In a BSE filing, Rane (Madras) Ltd said, the Board of Directors of the company at its meeting held today approved the sale of the land measuring 3.48 acres of the total land extent of 4.5 acres located at Velachery Main Road, Velachery, Chennai to Canopy Living LLP.

All the other details pertaining to the deal would be updated up on finalisation of key commercial terms and execution of definitive agreements, Rane (Madras) Ltd said in its notification.

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The approval from the shareholders for the deal was obtained on May 29, 2025, the company said.

Shares of the Rane (Madras) Ltd ended at Rs 1,005.75 apiece up by 11.60 per cent over previous close in BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)