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14-02-11
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Omaxe To Look At Options To Raise Funds
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 percent cannot go in for a QIP," its president, corporate finance, Hemant Kumar, said. As on date, promoters hold 89 percent and the balance is free float. In Nov, the company's chairman and managing director Rohtas Goel had said that it was planning to raise about 4 billion rupees through a QIP, expected by January. |
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