Raymond Ltd Thursday announced that it has demerged its lifestyle business into a separate entity while Temasek-backed Manthan Software Services Pvt. Ltd is acquiring San Francisco-based RichRelevance. In another development, K Raheja Corp and Blackstone together plan to raise about $500 million via REIT IPO.
Raymond demerges its lifestyle business
Raymond Ltd Thursday announced that it has demerged its lifestyle business into a separate entity through a mirror shareholding structure.
The new entity will house the core branded textile, branded apparel and garments businesses, and would be separately listed on the bourses after the demerger. The existing listed company will include real estate, land bank, engineering businesses of auto components and FMCG businesses among others.
After the demerger, every shareholder of Raymond Ltd will be issued the shares of the new company in the ratio of 1:1.
Manthan to acquire RichRelevance
Financial details of the deal were not disclosed.
Manthan announced on Tuesday that the company, jointly with RichRelevance, has initiated a go-to-market now, and has set the path towards consolidating their category-leading businesses in the coming year.
K Raheja Corp, Blackstone to raise $500m from REIT IPO
Real estate company K Raheja Corp and US private equity firm Blackstone Group together plan to raise about $500 million by listing their jointly owned income-producing commercial portfolio as a real estate investment trust (REIT), The Economic Times reported.
The joint entity is expected to file its papers with the capital market regulator soon, and plans to list by the end of the first quarter of 2020. Blackstone is not planning to be a sponsor to the proposed REIT as it holds only a minority stake in the portfolio, the report added.