Rane's Strategic Land Sale Boosts Share Value
Rane (Madras) Ltd has approved the sale of 3.48 acres of land in Chennai to Canopy Living LLP, a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Projects Ltd. The sale received shareholder approval in May and boosted Rane's share price by 11.60%.
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Rane (Madras) Ltd, a well-known manufacturer of steering and suspension products, announced the board's decision to sell land spanning 3.48 acres in Chennai to Canopy Living LLP. This partnership includes Arihant Foundations & Housing Ltd and Prestige Estates Projects Ltd.
The company revealed in a filing with the BSE that the 3.48-acre land, part of a larger 4.5-acre property located on Velachery Main Road, Velachery, Chennai, will be sold following the finalization of commercial terms and the execution of definitive agreements.
The strategic land sale, approved by shareholders in May 2025, has led Rane (Madras) Ltd's share price to climb by 11.60%, closing at Rs 1,005.75 apiece.
(With inputs from agencies.)
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