NEW DELHI: Omaxe Group has closed the loan facility obtained by Omaxe Heritage from Varde Partners. The company has fully repaid the loan amount of Rs. 440 crore, along with accrued interest on the same.
The loan facility of Rs. 440 crore was initially procured in 2022, specifically for the Omaxe Chowk project. With the recent financial transaction, Omaxe Heritage has settled the remaining balance of Rs. 290 crore.
“We are delighted to announce the closure of Rs. 440 Crore loan from Varde Partners. This reflects our financial discipline, commitment and resilience,” said Atul Banshal, director- Finance, of the company.
The company has secured new financial assistance totalling Rs. 450 crore from Kotak Mahindra Bank. Out of this amount, Rs. 290 crore has been utilized to repay the facility initially obtained from Varde Partners.
The remaining Rs. 160 crore will be allocated for development of its projects.
