Omaxe plans to raise up to Rs 500 cr via debt securities

Realty firm Omaxe today said its board has approved the company's proposal to raise up to Rs 500 crore through issue of debt securities.
In a filing to the BSE, Omaxe said: "The Board of Directors of the company at its meeting held on December 2, 2014 has considered and approved the Issuance of Secured Non-Convertible Redeemable Debentures and/or other debt securities for an aggregate amount of Rs 500 crore only in one or more tranche".
The board also constituted a committee and delegated the powers for further actions in this regard, the filing added.
On November 25, Omaxe had said that board will meet today to consider and approve, issuance of secured non convertible redeemable debt securities (including secured non-convertible redeemable debentures) on private placement basis.

Omaxe Chief Executive Officer (CEO) Mohit Goel had said that the company was looking to raise up to Rs 100 crore through non-convertible debentures.
He had said that the company would utilise the fund on construction activities of existing projects.

Omaxe has a land bank of about 4,400 acres in 30 cities across 9 states. The Delhi-based firm is executing 42 real estate projects that include 18 townships, 14 group housing and 10 commercial.
Omaxe posted 24 percent decline in its consolidated net profit at Rs 13.88 crore for the second quarter ended September 30 against Rs 18.15 crore in the year-ago period.

Income from operations, however, rose by 4 percent to Rs 378.92 crore during July-September from Rs 365.45 crore in the second quarter of 2013-14.