Omaxe sells majority stake in NAFHIL

Real estate developer Omaxe today said it has divested 51 per cent stake in National Affordable Housing & Infrastructure (NAFHIL) to a promoter group firm.

"There was no activity going on in the company (NAFHIL), so we decided to divest the stake to some of our promoter group firms to avoid the extra burden from the shoulder of Omaxe," Omaxe Chairman and Managing Director Rohtas Goel told PTI.

He said the company has sold 2,550 equity shares of Rs 100 each constituting 51 per cent of paid up equity share capital of NAFHIL.

"The entire transaction was done for about Rs 6,00,000," he added.

 

When asked about the status of the company's affordable housing projects, he said these were under "conceptual stages".

Earlier in May, Omaxe had announced to invest Rs 80,000 crore to develop 10,00,000 affordable homes for low-income consumers in the next five years at a price range of Rs 3,00,000-15,00,000 per flat.

For the purpose, the national capital-based developer had set up a its subsidiary - National Affordable Housing and Infrastructure.