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Omaxe to look at options to raise funds

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.

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