Raymond Sells Stakes In Wholly-Owned Subsidiaries
Raymond Ltd, a prominent name in India’s fabric and fashion retail sector and a key player in the global suiting fabric market, has secured approval to divest its entire stake in its wholly-owned subsidiaries. The subsidiaries, Raymond Apparel Ltd (RAL) and Ultrashore Realty Ltd (URL), are set to undergo a change in ownership through a ‘Share Purchase Agreement’.
Upon the completion of this transaction, both RAL and URL will no longer operate as subsidiaries of Raymond Ltd. The decision received approval from the Board of Directors during its meeting on March 22, 2024. The sale process is slated for completion by March 31, 2024, pending finalization.
Both RAL and URL have been bought by Shree Vishnupriya Finance & Leasing Ltd and its associates for a consideration of Rs 1.25 crore and Rs 1 lakh, respectively. Raymond Apparel’s name has been changed to Sanven Apparel, subject to approval from the Ministry of Corporate Affairs (MCA).
This strategic move reflects Raymond’s ongoing commitment to refining its business portfolio and focusing on core operations, aligning with its vision of sustained growth and value creation in the ever-evolving market landscape.
