Track2Realty: Omaxe Ltd. has launched a Fixed Deposit (FD) Scheme that pays an annualized yield of 15.07% over three years. The company expects to raise Rs 250 crore through this scheme by the end of next financial year.
The minimum investment has been fixed at Rs 25,000 with interest being compounded monthly and payable quarterly in non-cumulative scheme and payable on maturity in cumulative scheme.
The maximum tenure under both the schemes is three years with interest rate of 12.50% p.a. An additional amount in multiples of Rs 1000 is allowed under the scheme. Under the scheme, the company is paying an annual interest of 11.50% for six months, 12% for one year, 12.25% for a period of 2 years and 12.50% for a period of 3 years.
As per the Companies (Acceptance of deposit) Rules, 1975, the company can raise approx. Rs 526 crores including Rs 151 crores from the shareholders. By the end of March 2014, the company aims to raise a sum of Rs 250 crore through this scheme.
Omaxe President-Corporate Finance Sudhangshu S Biswal says, “Presently, the Omaxe FD Scheme is one of the best investments to beat inflation. With RBI reducing repo rate by 25 basis points in the monetary policy review on January 29, 2013, the interest rates on bank FDs seemed to have peaked out and are expected to come down in future. It is the right time to lock in one’s investment in long term fixed deposit. The Company has launched its FD scheme ‘experience max’ in its 25th year of existence to mark its financial stability, trust and the widespread reach of its product portfolio that remains unmatched by any real estate company.”
Having consistently made profits, the company has a net worth of Rs 1534 cr. as per unaudited financials as on September 30, 2012.
