Listed real estate developer Omaxe has completed before time closure of Rs 440 crore loan from Credit Solution India Trust (Varde Partners) by securing a new financial assistance totalling Rs 450 crore from Kotak Mahindra Bank Limited, the company said in a regulatory filing.
The company has fully repaid the loan amount of Rs 440 crore, along with accrued interest on the same, the realty firm said.
With an aim to streamline its financial structure, Omaxe has secured new financial assistance totalling Rs 450 crore from Kotak Mahindra Bank Limited and, out of this amount, Rs 290 crore has been utilised to repay the facility initially obtained from Varde Partners and the remaining Rs 160 crore will be allocated for development of its projects, the company said.
"We are delighted to announce the closure of Rs 440 crore loan from Varde Partners. This reflects our financial discipline, commitment and resilience. This development significantly fortifies our position for sustained growth and success in our endeavours," Atul Banshal, director of finance at Omaxe, said.
Also Read: Omaxe secures Rs 440 crore funding from Värde Partners
The loan facility of Rs 440 crore from Varde Partners was initially procured in 2022, specifically for the Omaxe Chowk project in Delhi’s Chandni Chowk.
"We sincerely thank Varde Partners for their support and guidance in executing our marque project, Omaxe Chowk. We look forward to continued success and delivering exceptional real estate projects in coming years," said Mohit Goel, managing director of Omaxe.
Also Read: Omaxe plans to invest close to Rs 4,000 cr in Tier II, Tier III cities in next four years
In November 2023, Goel had told Moneycontrol that he was planning to launch projects spread over approximately 1,200 acres across Tier II and Tier III cities in Uttar Pradesh, Madhya Pradesh, and Punjab in the next four years with an expected investment of around Rs 4,000 crore.
He had said that after the launch of two luxury projects in Lucknow, the company was planning to launch projects in Indore, Ujjain, and Ratlam in Madhya Pradesh; Amritsar, Bhatinda, and Chandigarh in Punjab and Lucknow, Gorakhpur, Allahabad, and Vrindavan in Uttar Pradesh.
Also Read: Omaxe wins bid for over 5 acres of RLDA land in Ludhiana for Rs 220 crore
Omaxe Group began its journey in 1987 when Rohtas Goel laid the foundation to undertake a construction and contracting business. Omaxe has delivered over 132 million square feet of real estate space.
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