Omaxe raises Rs 450 crore from Kotak Mahindra Bank, ET RealEstate

January 16, 2024
1 min read
Omaxe raises Rs 450 crore from Kotak Mahindra Bank, ET RealEstate


106902650

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.

  • Published On Jan 16, 2024 at 01:00 PM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App
realty barcode



Source link

curationteam

Curation Team will curate content from different sources and present for you. We will not edit any content. Source link is provided for the source from where its received .

Leave a Reply

Your email address will not be published.

BIS comes out with model building regulation for seamless adoption across nation, ET RealEstate
Previous Story

BIS comes out with model building regulation for seamless adoption across nation, ET RealEstate

GWLRA invests in renovations, food hall at Halifax’s Purdy’s Wharf • RENX
Next Story

GWLRA invests in renovations, food hall at Halifax’s Purdy’s Wharf • RENX

Latest from Blog