Real estate developer Omaxe is planning to raise Rs 800 crore through private placement of shares and stake sale at projects level, mainly to repay part of its debt. The current debt stands at Rs 1,650 crore. The funds would be raised through Qualified Institutional Placement (QIP) or a combination of QIP and private equity at projects level.
The company would launch QIP when the market condition is conducive. The size of the issue has not been decided yet and would depend on the market condition at that point in time. The equity dilution could be about 20 per cent. At present, promoters have 90 per cent stake in the company.
Omaxe is developing 54 projects, including 22 integrated townships, 21 group housing projects, nine commercial and two hotels. Besides, there are three hi-tech townships in
