Friday, July 12, 2024

Omaxe Successfully Repays Rs 440 Crore Loan, Secures Rs 450 Crore Assistance from Kotak Mahindra Bank

Real estate developer Omaxe has successfully concluded the early repayment of a Rs 440-crore loan from Credit Solution India Trust (Varde Partners) by securing a fresh financial assistance of Rs 450 crore from Kotak Mahindra Bank Limited, according to a regulatory filing. The entire amount of the previous loan, along with accrued interest, has been fully repaid. The move is part of Omaxe’s strategy to optimize its financial structure. Out of the new loan, Rs 290 crore has been utilized to settle the Varde Partners facility, while the remaining Rs 160 crore will be allocated for the development of Omaxe’s projects.

Atul Banshal, Director of Finance at Omaxe, expressed satisfaction with the closure of the Varde Partners loan, emphasizing the company’s financial discipline and resilience. The Rs 440-crore loan from Varde Partners, initially obtained in 2022 for the Omaxe Chowk project in Delhi’s Chandni Chowk, has now been fully repaid. Omaxe thanked Varde Partners for their support and guidance in executing the Omaxe Chowk project.

In November 2023, Managing Director Mohit Goel had outlined the company’s plans to launch projects across Tier II and Tier III cities in Uttar Pradesh, Madhya Pradesh, and Punjab over the next four years, with an expected investment of around Rs 4,000 crore. The company had already launched luxury projects in Lucknow and was eyeing launches in various cities, including Indore, Ujjain, Ratlam, Amritsar, Bhatinda, Chandigarh, Gorakhpur, Allahabad, and Vrindavan.

Founded in 1987, Omaxe Group, under the leadership of Rohtas Goel, has delivered over 132 million square feet of real estate space.

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