Rane (Madras) Sells 3.48 Acres in Chennai to Canopy Living JV; Stock Up 4.05% Intraday
By Ankur Chandra | Updated at: Jun 17, 2025 05:10 PM IST
Chennai, June 17 (14:09 IST): Rane (Madras) Ltd (NSE: RML, BSE: 532661) surged 4.05% to ₹939.00 in intraday trade on Tuesday after the company announced the sale of a 3.48-acre land parcel in Velachery, Chennai out of the 4.5 acres it owns. The stock opened at ₹900.00 and touched an intraday high of ₹949.70.
Board Approves Land Sale to Prestige-Arihant JV
The Board of Directors of Rane (Madras) Ltd has approved the sale of clear and marketable title on 3.48 acres (out of 4.5 acres owned) at 154, Velachery Main Road, Chennai. The proposed buyer is Canopy Living LLP, a joint venture between Arihant Foundations & Housing Ltd and Prestige Estates Projects Ltd. The acquirers are not part of the company’s promoter or group entities.
The agreement has not yet been executed. Key commercial terms and definitive documentation are under finalisation. The transaction has been approved by shareholders through a resolution dated May 29, 2025, and falls under Regulation 30 of SEBI LODR and is outside the scope of a Scheme of Arrangement as per Regulation 37A.
Stock Performance & Trading Activity (as of 14:09 IST)
| Metric | Value |
|---|---|
| Last Traded Price | ₹939.00 |
| Day’s Change (%) | +4.05% |
| Previous Close | ₹902.45 |
| Day’s High/Low | ₹949.70 / ₹900.00 |
| Volume Traded | 0.21 lakh shares |
| Market Capitalisation | ₹2,578.54 crore |
| Free Float Market Cap | ₹689.86 crore |
| Buy/Sell Quantity | 14,493 / 10,790 |
| 52-Week Range | ₹575 – ₹1,529 |
| Adjusted P/E | 95.08 |
Outlook
The land sale is a strategic move to unlock asset value, boosting liquidity and investor sentiment. While the deal is pending final documentation, the market’s positive reaction reflects confidence in capital deployment efficiency and potential upside from monetising non-core assets.
About the Company
Rane (Madras) Ltd, part of the Rane Group, is a Chennai-headquartered auto component manufacturer specialising in steering and suspension systems. It is listed on both NSE and BSE since 2005 and operates within the Auto Components & Equipments segment.
The land monetisation initiative is expected to strategically unlock capital while complying with shareholder and regulatory requirements.
REF: https://nsearchives.nseindia.com/corporate/RML_17062025140950_RML_Reg30_LandSale_SD.pdf
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