New Delhi, Oct 3 (PTI) Raymond Ltd on Tuesday said it will invest up to Rs 301 crore in its arm Ten X Realty Ltd.

In a regulatory filing, Raymond Ltd informed that its board has approved to "invest an amount up to Rs 301 crore in one or more tranches in Ten X Realty Ltd (TXRL), a step down wholly owned subsidiary of the company.

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"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. Balance amount of Rs 176 crore will be invested by providing Inter Corporate Deposit (ICD) to TXRL," it added.

At present, TXRL has undertaken the redevelopment of the housing society at Bandra, Mumbai under a Joint Development Agreement.

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(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)