Omaxe offloads 51 per cent in subsidiary to its CMD

Following objections raised by independent members on the board of directors of Omaxe, the New Delhi-based realty company has sold its 51 per cent stake in National Affordable Housing and Infrastructure (NAHIL) to Chairman and Managing Director Rohtas Goel, an official said.

Omaxe promoter Rohtas Goel and family hold the balance 49 per cent stake in the budget home subsidiary of the company.

Some independent members had raised objections over expenditure of the subsidiary, which is not yielding any revenues as of now, the official said.

“However, probably after around a year, when revenues of this company are visible, Omaxe is likely to buy out this 51 per cent stake again,” he said, adding Omaxe holds the first right of refusal if any stake sale takes place.

On Monday, Goel had said he expects Omaxe revenue for FY09 at Rs 1,500 crore, sharply down on year, due to slowdown in the real estate sector.