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Moneycontrol.com >> Message Board >> View Messages >> Omaxe
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Realty of the Real State (10)   22-Jun-08 11:14Tracked by (0)  
Posted by:   panakals on ( 22-Jun-08 11:14 )
Mumbai: Seeking a way out of the melting market and plummeting property prices, realty majors like Akruti City, Omaxe, Sobha Developers, among other property developers, are pledging shares with lenders to provide additional security, apart from hypothecating properties to borrow funds, according to information submitted to the stock exchanges, reported Business Standard.

Promoters of Akruti, Omaxe and Sobha have pledged their shares with Indiabulls Financial Services, financiers like Dubai-based BankSarasin & Co and Credit Suisse as a liquid security for loans against properties.

"With prices of real estate stocks falling sharply, promoters have been pledging more shares to cover the margin. In the process, some of these promoters have pledged a large stake with Indiabulls," said the CEO of a real estate fund.

While rising interest rates and slowdown have hurt the sales, bringing down real estate prices 10 to 20 percent across different micro markets, the hike in the steel and cement prices have increased input costs for developers, while the meltdown in markets has hampered their ability to raise funds at home or abroad.

According to sources Omaxe has raised loans of Rs 300 crore from Indiabulls and has repaid nearly two-thirds of it. On December 4, 2007, its promoters pledged 14.4 percent stake, or 25,058,000 shares, with Indiabulls. "Developers have provided assets, such as large pieces of land as collateral, but as additional liquid security promoters have provided a personal guarantee or pledged a part of their stake in the company," said a real estate analyst.

Akruti City, which, sources say, has raised loans of Rs 200 crore from Indiabulls, has subsequently repaid nearly Rs 120 crore. On December 31, 2007, Akruti's promoters pledged 5.86 percent stake with Indiabulls, which increased the lender's stake in the company to 8.24 percen

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2 queries on Omaxe

omaxe - when it will reach IPO price?...
better option? - Which will be better to buy orbit or omaxe.....

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