Omaxe to take QIP route; looks to raise Rs 400 cr by yr-end

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Omaxe to take QIP route; looks to raise Rs 400 cr by yr-end

Rohtas Goel, CMD, Omaxe, in an interview with CNBC-TV18, spoke about the latest happenings in his company and sector. Below is a verbatim transcript of his interview with CNBC-TV18’s Reema Tendulkar and Ekta Batra. Also watch the accompanying video.

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Rohtas Goel, CMD, Omaxe , in an interview with CNBC-TV18, spoke about the latest happenings in his company and sector.

Below is a verbatim transcript of his interview with CNBC-TV18's Reema Tendulkar and Ekta Batra. Also watch the accompanying video.

Q: What was the sales booking for this quarter and what have you done by way of launches?

A: In this quarter we have sold 2.4 million sq feet and the value of that is Rs 550 crore. It comes out of Chandigarh, Allahabad and Indore.

Q: Can you then talk about what sort of realizations you worked with this quarter and what sort of inventory levels you do have remaining?

A: We have inventory levels of almost 112 million sq feet that we are working on. Out of 112 million sq ft, in this quarter we have sold 2.4 million sq ft and half yearly we have sold out almost several million. The target of this year is 22 million sq feet. This year's target inventory to be sold is around 15 million sq feet.

Q: What will that generate by way of revenues if you manage to deliver about 22 million sq feet? What is the guidance?

A: It should be around Rs 1,700 crore.

Q: You also ventured into the construction of roads and bridges. Could you tell us what your infra order book currently stands at or maybe potentially how that can be scaled up - are you L1 in any of the orders?

A: Today, we have an infra order book of about Rs 1,250 crore and we are already L1 in one project of defence personal accommodation that is Rs 250 crore. By the end of this fiscal year the infra order book will be around Rs 1,700 crore.

Q: On your real estate business, how many projects do you have coming up and what launches could we see for probably this quarter?

A: In the last quarter we had launched two-three projects - in Chandigarh and Allahabad. Going forward, we are going to launch in Lucknow a hi-tech township on 2,500 acres of land.

Q: Could you also tell us what your current debt levels stand at and are you looking at any equity issuance or any strategic investment that would reduce your debt?

A: Current level of debt is Rs 1,674 crore and in the last quarter we paid off Rs 300 crore. The current level is Rs 1,674 crore. By the end of this fiscal year we are going for a QIP and are looking to raise maybe Rs 400 crore through the QIP route.

Q: How is the outlook in terms of the commercial front? Are you seeing any momentum?

A: In the last one-two years, there was hardly anything seen in the commercial projects. Going forward, there will be some improvement in the retail segment as well as in the office segment. In retail, we have already launched one project.

We have completed the structure of the project one year ago. Now we have re-launched that project and it will be delivered in one-and-half years time. Going forward, I see good visibility in commercial and retail segment also.