Rane (Madras) Ltd. Approves Sale of Land Asset for INR Unspecified

Rane (Madras) Ltd. announced that its Board of Directors approved the sale of a clear and marketable title on land admeasuring 3.48 acres (approx.) out of the total land extent of 4.5 acres at Velachery, Chennai, Tamil Nadu, India. The land is owned by the company and the transaction is not a related party transaction. The buyers, Canopy Living LLP (a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Projects Limited), do not belong to the promoter/promoter group/group companies of the Rane (Madras) Ltd. The agreement for sale has not been executed yet and the expected date of completion and consideration received from such sale will be updated upon finalization of key commercial terms and execution of definitive agreements.