Omaxe raises Rs 440 cr

On Tuesday, Realty firm Omaxe told that it has raised Rs 440 crore from Värde Partners to accelerate the construction of its existing projects as well as to ensure the expansion of its business. Currently, the Omaxe Group is developing integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore, and Faridabad. Other than this, It is also developing a multilevel parking cum commercial project in PPP model with North Delhi Municipal Corporation in Chandni Chowk, Delhi. As per the regulatory filing, Omaxe group will utilize the capital to speed up its ongoing construction and delivery of its projects as well as for expansion.

Atul Banshal, Director of Finance at Omaxe Ltd, said, “We will double down on investments in the cities driving our growth to develop new-age and world-class residential, commercial and retail destinations. We are not doing just this one transaction with Värde but looking to create a long term partnership across projects.” Mr. Banshal further said that in the past two financial years, the realty firm has repaid Rs 550 crore to lenders as principal payment and reduced its debt from Rs 1,400 crore to Rs 850 crores. In the first nine months of FY 2021-22, Omaxe has sold properties worth Rs 1,155 crores.