Omaxe to look at options to raise funds1 min read . Updated: 11 Feb 2011, 11:19 AM IST
Omaxe to look at options to raise funds
Mumbai: Real estate developer Omaxe Ltd is exploring various fund raising options, including follow-on public offer and ring fence transactions, as its earlier plans of institutional stake sale have hit a regulatory road block, a top official told Reuters on Friday.
“Now, I can’t do a QIP (qualified institutional placement) due to the changes in Sebi guidelines. The guideline is that a company with a free float of less than 25% cannot go in for a QIP," its president, corporate finance, Hemant Kumar told Reuters in an interview.
As on date, promoters hold 89% and the balance is free float.
In Nov, the company’s chairman and managing director Rohtas Goel had told Reuters that it was planning to raise about Rs400 crore through a QIP, expected by January.