Raymond Limited informed that, to facilitate the restructuring in the Engineering business, the Board of Directors at its meeting held on November 03, 2023, have approved to incorporate a wholly owned subsidiary of the Company. The required details of the New Company will be further intimated shortly through a separate communication once all the necessary statutory approvals are in place. For the purpose of consolidation of Engineering Business of Raymond Group, the Company has approved incorporation of a wholly owned subsidiary.

Cost of acquisition or the price at which the shares are acquired; INR 100,000 by way of subscription to the Share Capital.