Omaxe raises Rs 450 crore from Kotak Mahindra Bank

Blog: 450 crore from Kotak Mahindra Bank 

Kotak Mahindra Bank has come up to the raise and Omaxe has came up

under unexpected twist on the site of it’s career as the company has

raised 450 crores from the bank, the loan facility obtained by Omaxe

Heritage from Varde Partners has been closed by Omaxe Group. The

loan amount of 440 crores was fully repaid by the company. Interest on

the same has accrued by the company. In 2022, or the Omaxe Chowk

project, a loan facility of INR 440 billion was initially awarded. Omaxe

Heritage settled the remaining balance of approximately 290 million

rupees through its recent financial transaction.

With an aim to streamline its financial structure, Omaxe has secured

new financial assistance totalling Rs 450 crore from Kotak Mahindra

Bank Limited and, out of this amount, Rs 290 crore has been utilised to

repay the facility initially obtained from Varde Partners and the remaining

Rs 160 crore will be allocated for development of its projects, the

company said.

Words from the Director of Omaxe.

We are delighted to announce the closure of Rs 440 crore loan from

Varde Partners. Our financial discipline, commitment, and resilience are

reflected in this. This development is a clear indication of our

commitment to sustained growth and success in our efforts, Atul

Banshal, Omaxe's Director of Finance, said.

Initially, in 2022, a loan of INR 440 million was granted to Varde Partners

for the Omaxe Chowk project. Omaxe Heritage has completed its last

balance of Rupees 290 million by way of the recently concluded funding

transaction, which represents a major achievement in this journey.

Understand the Controversy of Omaxe and Kotak Mahindra Bank.

Omaxe Group began its journey in 1987 when Rohtas Goel laid the

foundation to undertake a construction and contracting business. Omaxe

has delivered over 132 million square feet of real estate space. Omaxe

Group's commitment to the delivery of high-quality construction projects,

as well as ensuring its stakeholders trust and confidence has remained

unchanged. With a stronger funding base, the company intends to

continue its growth and success.