Omaxe Limited, one of India’s leading
Real Estate companies, headquartered in Delhi, have informed the exchanges that
the Company is conducting a postal ballot for obtaining the approval of
shareholders for reclassification/ increase in authorised share capital.
Alteration in Capital clause of the Memorandum of the Company, Alteration in
Articles of Association of the Company to authorize Board of Directors to issue
Preference Shares and for Issuance of non-cumulative, con-convertible,
redeemable preference shares.
The promoters have brought down their
stake in the Company from 89% to 75% through the Offer for Sale mechanism and a
bonus issuance to comply with SEBI’s Minimum Public Shareholding Regulations.
The stake sale has fetched the Promoters close Rs. 244 crores, which the
promoters shall plough back into the Company through redeemable preference
shares.
Speaking on the development, Mr.
Sudhangshu S. Biswal, President-Corporate Finance said that the step taken by the promoters to plough back the OFS
proceeds into the Company is very positive and significant. Post the allotment
of preference shares the Net Worth of the Company would be Rs. 2147 crores. As
of September 30 2013, the gross debt equity ratio of the company stood at 0.50,
while the net debt equity ratio for the company stood at 0.41. Gross Debt as on
September 30, 2013 stood at Rs. 1,025 crores. With the capital infusion, the
Gross debt equity ratio of the company will be 0.48, while the net debt equity
ratio stands at 0.39, which is by far the lowest in the industry. The above
developments assume significance, since the Company has been continuously
paring its debt from Rs. 1983 crores in FY 2009 to the current levels. Our
strong presence in Tier II & III cities have helped us in recording a
healthy growth in sales from Rs 815 cr in FY 2009 to Rs 2100 cr in FY 2013.
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