Omkar Realtors secures Rs 550-cr for 2 projects

MUMBAI: Realty group Omkar Realtors & Developers, which has just achieved financial closure worth Rs 550 crore for its two upcoming projects in Malad and Worli in the city, on Wednesday said it will raise about Rs 200 crore through private equity in the next two-three months.

The city-based realty player has secured this fund from a private sector and two public sector banks, Omkar group chief financial officer Manoj Paliwal said in a release today.

"We have been seeing tremendous growth opportunities over the last few years and hence are building more capacities to sustain this growth," Paliwal said, adding the group is also looking at raising Rs 150-200 crore through private equity.

Kotak Investment Banking is the merchant banker to the deal and the deal will close in two-three months. Omkar is also looking at project stake sale at special purpose vehicle level.

Omkar is currently developing a land bank worth 10 million sqft and plans to launch six-seven projects within the next six months. The company is currently developing projects having an area of about 10 million sqft in and around the city.