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Omaxe Group, India's leading real estate development Group, announces the successful closure of the loan facility obtained by Omaxe Heritage Pvt. Ltd. from Varde Partners, much before its scheduled closure. The Company has fully repaid the loan amount of Rs. 440 Crore, along with accrued interest on the same.
In a strategic move to streamline its financial structure, the Company has secured new financial assistance totalling Rs. 450 Crores from Kotak Mahindra Bank Limited. Out of this amount, Rs. 290 Crore has been utilized to repay the facility initially obtained from Varde Partners. The remaining Rs. 160 Crore will be allocated for Development of its projects.
"We are delighted to announce the closure of Rs. 440 Crore loan from Varde Partners. This reflects our financial discipline, commitment and resilience. This development significantly fortifies our position for sustained growth and success in our endeavours," Atul Banshal, Director- Finance, Omaxe.
"We sincerely thank Varde Partners for their support and guidance in executing our marque project, Omaxe Chowk. They have been valued partner for us and always supported our strategy and execution. They just not only funded the project, but also given their valuable suggestion for betterment of the Project from time to time. I am grateful for their collaborative spirit, vital for achieving milestones. We look forward to continued success and delivering exceptional real estate projects in coming years," says Mohit Goel, MD, Omaxe.
The loan facility of Rs. 440 Crore from Varde Partners was initially procured in 2022, specifically for the Omaxe Chowk project. With the recent financial transaction, Omaxe Heritage has successfully settled the remaining balance of Rs. 290 Crore, signifying a significant milestone in the journey of Omaxe.
Omaxe Group remains dedicated to delivering high-quality real estate projects and ensuring the trust and confidence of its stakeholders. The company looks forward to continued growth and success with a strengthened financial foundation.
