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During the period ending March 31, 2023, Omaxe incurred a net loss after tax of Rs 104.39 crore based on consolidated figures. In a BSE filing, the company disclosed that it had recorded a net consolidated loss after tax of Rs 36.62 crore during the same quarter of the previous fiscal year.
The directors of the company proposed a dividend of 0.1 percent for 25 billion preference shares that are not cumulative, non-convertible, and redeemable. These shares are unlisted and have a face value of Rs. 10 each.
On May 27, 2023, the company's board designated Aroon Kumar Aggarwal as an additional director with a non-executive and independent role. The board granted approval for the resignation of Rohtas Goel, who currently holds the position of chairman and executive director, and his subsequent transition to the position of "non-executive chairman/chairman and non-executive director," effective May 27, 2023.
In the first quarter of 2023, the company made a smart investment of Rs 32.40 crore in their subsidiary, Omaxe World Street. This investment is in the form of 324 million unsecured debentures, which are compulsorily convertible with 0 percent interest and a face value of Rs 10 each. The investment has been made following the conditions mentioned in the offer document. The company's earnings per share for the fiscal year that concluded on March 31, 2023, have significantly decreased from the previous year's value of Rs. -8.72 to Rs. 19.02.
According to a recent regulatory filing, a subsidiary of the company, Omaxe New Chandigarh Developers, has issued 19,200 interest-bearing non-convertible debentures (NCRCDs) that are secured and redeemable on a cumulative basis with no rating. These NCRCDs have a face value of Rs 1 lakh each, and the total value of the debentures issued is Rs 192 crore, which was done through private placement. The subsidiary has allocated 3,000 NCRCDs and received Rs 30 crore from this issuance. This occurred during the quarter ended March 31, 2023.
Omaxe's inception dates back to 1987, when its founder, Mr. Rohtas Goel, ventured into the construction and contracting business as a first-generation entrepreneur. In Gurugram, Omaxe initiated its first real estate venture, comprising executive floors, back in 2001. Omaxe has advanced tremendously since its modest beginnings, having been listed on the NSE and BSE in 2007 and now boasting a staggering net worth of Rs 1638 crore in 2020.
For over three decades now, Omaxe has been steadfast and unyielding in its commitment to delivering top-tier real estate services. Its diversified portfolio boasts an assortment of offerings, including cutting-edge and integrated townships, group housing, commercial offices, shopping centres, and luxurious hotels, among others.
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