Omaxe closes at Rs 349.95

Mumbai, Aug 9 (UNI) New Delhi-based real estate player Omaxe, which listed on the Bombay Stock Exchange (BSE), was settled at 349.95 as against the issue price of Rs 310.

The scrip touched a high of Rs 410 and low of Rs 341.50, during the day and a total of 12,109,369 shares were traded at the BSE.

Omaxe intends to deploy the net issue proceeds to fund expansion plans worth Rs 6,750.09 million.

The company had decided to allocate Rs 3,250 million to fund the land acquisition cost, while Rs 2,000 million will be utilized to repay the loans. In addition, Omaxe will pump in Rs 1,500 million to meet the development and construction costs.

Omaxe, which commenced operations in 1989, is engaged in real estate development and construction, with operations in 30 cities and 9 states in India. Since inception, the company has completed 120 construction projects.

UNI