Royal India Corporation Limited (RICL) Unveils INR 99 Crore Preferential Issue

Royal India Corporation Limited (RICL) Unveils INR 99 Crore Preferential Issue

Mumbai (Maharashtra), [India]: Royal India Corporation Limited (RICL), a stalwart on the Bombay Stock Exchange (BSE), announces a momentous leap forward with its preferential issue amounting to INR 99 crores. The decision, endorsed by RICL’s esteemed Board of Directors, marks a strategic milestone in the company’s evolution.

Securing BSE’s Nod of Confidence

With the Bombay Stock Exchange (BSE) granting in-principle approval, RICL’s vision now accelerates towards realization. This landmark step underscores RICL’s unwavering commitment to cultivating sustainable growth and seizing emergent prospects within the market.

Charting the Course: Kalyan Marina Project

All proceeds from the preferential issue will be earmarked for the ambitious Kalyan Marina project. This deliberate allocation exemplifies RICL’s ethos of spearheading ventures that redefine industry benchmarks and uplift communities. Noteworthy investors in this venture include eminent figures such as Sunder Iyer and Mangal Keshav family offices, whose invaluable vision and acumen fortify the project’s potential for resounding success. Additionally, the promoters are set to bolster their stake in the company by 5% through this preferential offer, further underscoring their confidence in RICL’s trajectory.

The project is set to kickstart in May 2024 which will breathe new life into modern living in Kalyan. A monumental development of 5 lakh square feet aims to offer spacious living spaces coupled with world-class amenities, setting new standards of comfort in the region. Additionally, integrated within this visionary endeavor will be commercial spaces providing convenient access to essential services and enhancing the overall lifestyle experience.

Kalyan Station, poised to become a super station, has garnered resounding endorsement from the Prime Minister himself. The anticipated upgrade, estimated at ₹900 crore ($121m), will segregate tracks for suburban local trains and express trains, enhancing punctuality and minimizing passenger inconvenience.

Situated strategically in prime locations, Royal India Corporation Limited’s (RICL) previous ventures such as Vertu in Wadala and Cote De Orient in Matunga have garnered widespread acclaim for their superior craftsmanship and attention to detail. As Kalyan continues to emerge as a prominent real estate destination, the Kalyan Marina will drive further regional growth and development, characterized by luxury, convenience, and connectivity.

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