Omaxe gets nod to raise Rs 500 cr, dividend for public shareholders

Realtor Omaxe on Saturday said it has got shareholders' nod to raise up to Rs 500 crore through issuance of securities.

Shareholders approved the resolution in the annual general meeting held on September 26, 2019, it said in a BSE filing.

According to the proposal, in order to augment long-term resources for financing the ongoing capital expenditures and for general corporate purposes, the company will issue securities in one or more tranches to raise up to Rs 500 crore.

The shareholders also approved dividend to only public shareholders at the rate of 7 per cent per equity share, or Rs 0.70 per share, for the financial year ended March 31, 2019.

The company said the real estate sector is passing through challenging times. Considering the current market scenario and changes in regulatory and taxation environment, the board, at the recommendation of the audit committee, has recommended equity dividend only to public shareholders, it added.