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Omaxe Group has secured INR 500 crore in funding from Oaktree Capital Management L.P. This investment aims to speed up the completion of Omaxe's residential, commercial, and public-private partnership (PPP) projects, while also providing funds for ongoing developments. A significant portion of this funding, INR 431 crore, was raised by Omaxe New Chandigarh Developers through non-convertible debentures via private placement. The funding highlights Omaxe's focus on strengthening its balance sheet, having repaid over INR 1,200 crore to lenders recently, and its strategy to explore new growth opportunities in key markets.
Omaxe Group, a prominent real estate developer, has secured INR 500 crore in funding from Oaktree Capital Management L.P., a global investment firm. This investment is intended to accelerate the completion of Omaxe's ongoing residential, commercial, and public-private partnership (PPP) projects. It will also provide growth capital for current developments. Advertisement
Mohit Goel, Managing Director of Omaxe Group, stated that the funding would enable faster construction, reduce dependence on market fluctuations, and allow for strategic investment in new opportunities within their core markets. Atul Banshal, Director (Finance), added that the company has focused on strengthening its balance sheet, having repaid INR 1,285 crore to lenders in the last two financial years, which reduced its net debt to INR 300 crore.
Of the total INR 500 crore, INR 431 crore was raised by Omaxe New Chandigarh Developers, a wholly-owned subsidiary. This was done by issuing non-convertible debentures (NCDs) in a private placement to OCM India Opportunities XII Alternate Investment Fund Scheme I. NCDs are debt instruments used by companies to raise capital, and private placement involves selling them to a select group of investors rather than the public. These funds will mainly be used for quicker project execution and to explore expansion into select markets.
The investment from Oaktree Capital, known for its focus on alternative investments, indicates investor confidence in Omaxe Group's projects and its financial strategy. Omaxe has a strong presence in North and Central India, and this funding aims to support its development pipeline in key cities.
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