Raymond on Thursday said its board has approved the plan for a real estate business demerger. Shareholders will get one Raymond Realty share for each share held.

“The board of directors of the company at its meeting held on July 4, 2024, has approved the Scheme of Arrangement of Raymond Limited and Raymond Realty Limited and their respective shareholders,” according to a regulatory filing.

The demerger is subject to the requisite approvals and sanction of the jurisdictional bench of National Company Law Tribunal (NCLT) and subject to the approval of shareholders and/ or creditors of RL, central government, or such other competent authority as may be directed by the NCLT, it added.