In a recent development Omaxe Ltd., the leading real estate developer with pan-India presence prepaid its debt of Rs 300 crore to Indiabulls Financial Services Limited. Omaxe Ltd made a pre payment of the outstanding amount and cleared the entire debt more than a year ahead of its scheduled period.
Omaxe had availed a term facility of Rs 300 crore from Indiabulls Financial Services Limited on 4th Dec 2007 for a period of three years ending on December 4, 2010. The company had prepaid Rs 201 crore, from time to time, by March 2009. Now, the balance Rs 99 crore is pre-paid ahead of its scheduled period.
Commenting on the development, Mr. Rohtas Goel, CMD, Omaxe Ltd said that “This is a part of our exercise to cut down on our interest costs and reorganization of Debt profile of the company. The prepayment of the Indiabulls debt has led to savings on our Interest costs and eases our repayment commitments.”
Omaxe Ltd has also recently announced their Q2 FY10 results. Omaxe Ltd had reported net consolidated sales of Rs. 223.92 crore for the quarter ended September 30th 2009 as compared to Rs. 204.03 crore for the quarter ended September 30th 2008, registering a growth of 9.75%. Net profit for the quarter stood at Rs. 22.51 crore as compared to Rs. 20.38 crore posted for the quarter ended September 30th 2008, registering a growth of 10.45%. Earnings per share (EPS) for the quarter stood at Rs. 1.30, up by 11.11% as compared to Rs. 1.17 in the quarter ended September 30th 2008.