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Wednesday, May 23, 2007

Omaxe IPO gets SEBI nod

Real estate developer Omaxe on Tuesday received market regulator Securities and Exchange Board of India’s, (Sebi) approval for its initial public offer, estimated to raise up to Rs 1400 crore (Rs 14 billion).

A company spokesperson confirmed that it has received Sebi’s nod for the public issue. Omaxe had filed the draft red herring prospectus (DRHP) with Sebi in last December.

The approval comes close on the heels of realty giant DLF getting clearnce for IPO from Sebi earlier this month. Omaxe proposes to enter the capital market with a public issue of up to 1.77 crore equity shares of Rs 10 each through a 100% book-building process.

The proceeds of the issue would be utilised for payments related to land, repayment of loan and to fund the development and construction costs of some of the company’s projects.

The issue would constitute 11.20% of the fully-diluted post-issue paid-up capital of the company, if the green shoe option is exercised and 10.30%, if the option is not exercised.


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