Omaxe Group, a prominent real estate development group in India, announces the early closure of the Rs. 440 Crore loan facility from Varde Partners by Omaxe Heritage Pvt. Ltd. The full repayment, including accrued interest, was completed ahead of schedule.
In a strategic financial move, Omaxe Group has obtained fresh financial assistance of Rs. 450 Crores from Kotak Mahindra Bank Limited. Out of this amount, Rs. 290 Crore was utilized to settle the facility initially obtained from Varde Partners, while the remaining Rs. 160 Crore is earmarked for the development of ongoing projects.
Key Developments:
Successful Closure with Varde Partners
- Omaxe Heritage Pvt. Ltd. fully repays the Rs. 440 Crore loan from Varde Partners well before the scheduled closure.
- Reflects financial discipline, commitment, and resilience.
Strategic Financial Restructuring
- Omaxe Group secures Rs. 450 Crores from Kotak Mahindra Bank Limited.
- Rs. 290 Crore utilized to repay Varde Partners, strengthening the financial structure.
- Remaining Rs. 160 Crore allocated for ongoing project development.
Quotes from Omaxe Leadership
- Atul Banshal, Director-Finance, Omaxe: “Delighted to announce the closure of Rs. 440 Crore loan from Varde Partners. This reflects our financial discipline, commitment, and resilience.”
- Mohit Goel, MD, Omaxe: “Sincere thanks to Varde Partners for their support and guidance, especially with our marque project, Omaxe Chowk. They have been a valued partner, funding the project and providing valuable suggestions for its improvement.”
Loan Background
- The Rs. 440 Crore loan from Varde Partners was initially procured in 2022 for the Omaxe Chowk project.
- Successful settlement signifies a significant milestone for Omaxe Heritage.
Omaxe Group reaffirms its dedication to delivering high-quality real estate projects, maintaining the trust and confidence of stakeholders. The company looks forward to sustained growth and success with a reinforced financial foundation.
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