Omaxe raises Rs 500 cr from Oaktree Capital; its arm garners Rs 431 cr via debentures

New Delhi, Jul 28 (PTI) Realty firm Omaxe Group has raised Rs 500 crore from Oaktree Capital Management for development of its existing projects and future growth.

In a regulatory filing on Monday, the company informed that it has raised Rs 500 crore from funds managed by Oaktree Capital Management L P (Oaktree).

"The funding will strengthen the company's core and accelerate delivery timelines for residential, commercial, and public-private partnership (PPP) developments, including its infrastructure, commercial, and residential projects," Omaxe said.

The funds would also be used as growth capital.

Earlier in the day, Omaxe said it has raised Rs 431 crore through the issue of debentures on a private placement basis for business growth.

The company informed that its subsidiary -- Omaxe New Chandigarh Developers Pvt Ltd -- has raised Rs 431 crore by issuance and allotment of 43,100 non-convertible debentures (NCDs) of face value Rs 1 lakh each through a private placement basis.

In the last two financial years, Omaxe said it has repaid net Rs 1,285 crore to lenders as principal payment, reducing overall net debt to Rs 300 crore.

Omaxe has delivered over 140.17 million sq ft of real estate and construction contracting projects so far. It has a presence in 31 cities of eight states.

The company mainly develops integrated townships, group housing, shopping malls and office spaces.

Recently, Omaxe announced the acquisition of a 450-acre land parcel in Indore, Madhya Pradesh to develop a township at an investment of Rs 1,200 crore. PTI MJH MJH SHW