Omaxe has sold its entire holding of 50,000 equity shares of Rs 10 each at the price of Rs 525 per share aggregating to an amount of Rs 2.62 crore in its wholly owned subsidiary (WOS) company ‘Finishing Touch Properties and Developers’.
Finishing Touch Properties and Developers owns 19.35 acres of land at Vishakhapatnam, Andhra Pradesh and was proposing to develop a Group Housing Project in collaboration with other fellow subsidiary. The collaboration agreement stands cancelled and Finishing Touch Properties and Developers has/is returned/returning in tranches the collaboration advance of Rs 109.38 crore advanced to it by the fellow subsidiary. This enables the group to exit from Vishakhapatnam (Vizag) Project at a total 112.00 crore.
Omaxe has a land bank of about 4,400 acres in 30 cities across 9 states. The Delhi-based firm is executing 42 real estate projects that include 18 townships, 14 group housing and 10 commercial.
