Omaxe secures Rs440 crore funding from Värde Partners; Stock up ~3%

27 Apr 2022 , 10:17 AM

Omaxe, one of India’s leading real estate development companies, informed that it has raised Rs440 crore from Värde Partners, a leading global alternative investment firm.

The company said it will deploy the funds for expediting construction and delivery of its projects as well as for expansion.

Omaxe Group is developing integrated townships in New Chandigarh, Lucknow, Ludhiana, Indore and Faridabad. It is also developing a multilevel parking cum commercial project in PPP model with North Delhi Municipal Corporation in Chandni Chowk, Delhi scheduled for delivery in this fiscal.

The Group has so far delivered approx. 127.89 million sq. ft. (till December 2021) in real estate and construction contracting, as per the filing.

Commenting on the development, Atul Banshal, Director Finance, Omaxe Ltd. said, “Over the last three decades, Omaxe has built a reputation among homebuyers, investors and financial institutions based on strong fundamentals & financial discipline, quality construction, consistent delivery and a healthy return on investment.

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”.

In last two financial years, Omaxe has repaid net Rs550 crore to lenders as principal payment and reduced its debt form Rs1400 crore to Rs850 crore. Omaxe has sold properties worth Rs1155 crore in the first nine months of FY 2021-22.

At around 10:19 AM, Omaxe was trading at Rs95.05 apiece up by Rs2.65 or 2.87% on the BSE.