Raymond has received approval to acquire 50,000 equity shares of Rs 10 each of Ray Global Consumer Enterprise (RGCEL) from Ray Global Consumer Products (RGCPL), for an amount aggregating to Rs 5 lakh. Consequent to the transaction, RGCEL will become a direct wholly owned subsidiary of the Company. In order to facilitate restructuring in the Aerospace business, the Company has approved acquisition of RGCEL.
The Board of Directors at its meeting held on May 3, 2024 have approved the same.
Raymond is one of India’s largest branded fabric and fashion retailers. It is one of the leading, integrated producers of suiting fabric in the world.
