Board of Rane (Madras) Ltd gives nod to sell part of land in Chennai

Chennai, Jun 17 (PTI) The board of Rane (Madras) Ltd, a manufacturer of steering and suspension products, on Tuesday approved the sale of land measuring about 3.48 acres in the city to Canopy Living LLP, the company said.

Canopy Living LLP, is a joint venture firm between Arihant Foundations & Housing Ltd and Prestige Estates Projects Ltd.

In a BSE filing, Rane (Madras) Ltd said, the Board of Directors of the company at its meeting held today approved the sale of the land measuring 3.48 acres of the total land extent of 4.5 acres located at Velachery Main Road, Velachery, Chennai to Canopy Living LLP.

All the other details pertaining to the deal would be updated up on finalisation of key commercial terms and execution of definitive agreements, Rane (Madras) Ltd said in its notification.

The approval from the shareholders for the deal was obtained on May 29, 2025, the company said.

Shares of the Rane (Madras) Ltd ended at Rs 1,005.75 apiece up by 11.60 per cent over previous close in BSE. PTI VIJ VIJ KH