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Omaxe reprieves from Debt

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Sources claimed at www.propertykhazana.com says that, Omaxe Ltd. Delhi based developer handled to get about couple of years to delay on reimbursement of principal and interest of its debt for about 50%. Company which had about Rs. 1,600 Crores of debt said the banks which had permitted the company a year’s pause on Rs. 650 Crores owing for the compensation by September. Also company is in discussion with the lenders for a same allowance for an extra of about Rs. 400 Crores debt, owing for compensation after the year.
Omaxe Ltd. Vice-President, Finance said to www.propertykhazana.com that, “Out of 14 banks 10 have permitted the pause on interest or principal on loans for the coming couple of years and also we are in discussion with the leftover banks for the similar one. Henceforth, we won’t have over Rs. 55 Crores pending in the coming years.
As per to the sources saying @ the www.propertykhazana.com, before company had said that it was attempting to reorganize about Rs. 1000 Crores value of debt which was having a liquidity crisis owing to sluggish auctions. Less than estimated cash creation and incomplete funding selections in the market had revealed the company to cash flow and refinancing risks in the short-term. He also said that, “Company has taken extreme good feedback for its recently opened reasonable residential venture – Omaxe Eternity in Vrindavan which covers an area of about 55 acres. This venture will be starting in two phases and will have about 3,500 flats and in first phase company has started 1,500 flats. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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