Omaxe Ltd is set to dilute promoter shareholding through a mix of follow-on public offering (FPO) and placement to raise Rs.450 crore.
That would tantamount to a dilution of around 14% and will reduce promoter shareholding to 75% as per the Securities and Exchange Board of India norms announced in June last year.
The promoters of the company currently hold 89.14% stake.
The company insiders told Track2Realty that the realtor plans to reduce debt on its books by around Rs.600 crore in the current financial year. Omaxe’s gross debt as on March 31, 2011, stood at Rs.1,552 crore.
The company also plans to raise another Rs.300 crore to fund new projects in this financial year. In the current fiscal, Omaxe plans to complete projects covering 18 million square feet, a fifth less than the 22.66 million square feet completed in the last.
On the launches front, Omaxe said 10 million square feet of projects are in the pipeline this financial year. The company has acquired close to 500 acres across Chandigarh, Lucknow, Faridabad & Allahabad last fiscal.
Among the major projects completed by the company this fiscal includes four integrated townships at Jaipur, Sonepat, Rohtak and Indore. Three shopping malls have been completed in Patiala, Gurgaon and Agra.
Three mid income projects, Omaxe Grand Woods (Noida), Royal Residency (Ludhiana), and Omaxe Heights (Faridabad) alongwith residential cum low rise projects, Omaxe city in Chandigarh and Rohtak were some of the projects that contributed to the revenues.
