Indian private developer pays loan early

Indiabulls debt of US $65m paid in full by Omaxe

Successful Omaxe developments saw the developer make a year-on-year profit increase and service its debts ahead of schedule.
Successful Omaxe developments saw the developer make a year-on-year profit increase and service its debts ahead of schedule.

Omaxe, one of India's largest development companies, has prepaid its debt of Rs 300 crore (US $65m) to Indiabulls Financial Service more than one year ahead of schedule, the company has announced.

The loan, which dated back to December 2007, had a three year term, and through regular payments and the finalization of the outstanding amount, Omaxe has now serviced that debt.

“This is a part of our exercise to cut down on our interest costs and reorganisation of debt profile of the company. The prepayment of the Indiabulls debt has led to savings on our interest costs and eases our repayment commitments,” said Omaxe commercial managing director Rohtas Goel.

Omaxe recently announced net consolidated sale sof Rs 223.92 crore for Q3 2009, up from Rs 204.03 for the same period the previous year.

Net profit for the quarter stood at Rs. 22.51, a year-on-year growth of 10.45%.

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