Omaxe pledges 14.4% stake to Indiabulls for Rs 300 crore
Delhi-based real estate firm Omaxe has pledged a 14.4% stake to Indiabulls Financials for raising a loan of Rs 300 crore.
By TNN |
NEW DELHI: Delhi-based real estate firm Omaxe has pledged a 14.4% stake to Indiabulls Financials for raising a loan of Rs 300 crore. The company has pledged about 2.5 crore shares to Indiabulls as a collateral for repayment within three years. The developer, however, has the right to repay the loan within six months.
“We have some land-acquisition related opportunities coming up. The loan was raised keeping these opportunities in mind,” said Omaxe CEO Arvind Parakh.
A source said the company is close to signing a whopping $5 billion deal for an integrated project in a west Indian state spread over 10,000 acres of land. The money was mainly raised to finalise the signing of this deal, a source said.
Indiabulls has managed to strike the deal with Omaxe at just about Rs 120 per share, a significant discount to the price at which the scrip is trading. On Thursday, the Omaxe scrip closed at Rs 482.05, up by a significant 12.2%.
During the day, the scrip also touched an all time high of Rs 514.7.
The company got listed on the stock markets early this year, in August, by diluting about 10% to the public for Rs 552 crore through an IPO. At present, almost 89% of the company is owned by chairman Rohtas Goel and his family.
“We have some land-acquisition related opportunities coming up. The loan was raised keeping these opportunities in mind,” said Omaxe CEO Arvind Parakh.
A source said the company is close to signing a whopping $5 billion deal for an integrated project in a west Indian state spread over 10,000 acres of land. The money was mainly raised to finalise the signing of this deal, a source said.
Indiabulls has managed to strike the deal with Omaxe at just about Rs 120 per share, a significant discount to the price at which the scrip is trading. On Thursday, the Omaxe scrip closed at Rs 482.05, up by a significant 12.2%.
During the day, the scrip also touched an all time high of Rs 514.7.
The company got listed on the stock markets early this year, in August, by diluting about 10% to the public for Rs 552 crore through an IPO. At present, almost 89% of the company is owned by chairman Rohtas Goel and his family.
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