This is to inform that Board of Directors of the Company at their meeting held today have inter-alia approved the sale of land admeasuring 3.48 acres (approx.) out of the total land extent of 4.5 acres owned by the Company at the location - Velachery, Tamilnadu.
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The Board of Rane (Madras) Limited has approved the sale of 3.48 acres of land out of its total 4.5-acre land parcel located at Velachery Main Road, Chennai, Tamil Nadu. The buyer is Canopy Living LLP, a joint venture between Arihant Foundations & Housing Limited and Prestige Estates Projects Limited. The transaction is not a related party deal, and shareholder approval was already obtained on May 29, 2025. The sale agreement is yet to be executed, and the sale consideration has not been disclosed yet. The company will share further details once commercial terms are finalised.
This is a one-time sale of surplus, non-core land and is unlikely to impact ongoing operations or earnings. Shareholders may benefit from any cash inflow, but the absence of disclosed valuation means the actual financial impact remains unclear until the deal terms are finalised.