Deals27 Jun 2025, 01:33 pm
Rane (Madras) Ltd Enters Agreement to Sell Land Parcel in Velachery, Chennai for Rs.361.18 Crores
AI Summary
Rane (Madras) Limited has entered into an agreement with Canopy Living LLP to sell 3.48 acres of land in Velachery, Chennai. This land monetization will achieve twin objectives of reducing debt and integrating city offices of various divisions to further unlock long term cost synergies of the merger. The total extent of land in Velachery is 4.50 acres and RML will retain the balance portion of the land, where a new office will be constructed. The consideration for the sale is Rs.361.18 crores. This announcement is in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Key Highlights
- Rane (Madras) Ltd has entered into an agreement to sell 3.48 acres of land in Velachery, Chennai
- The land is being sold to Canopy Living LLP for a consideration of Rs.361.18 crores
- The sale will help in reducing debt and integrating city offices of various divisions
- The total extent of land in Velachery is 4.50 acres and RML will retain the balance portion
- The sale is in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015