Omaxe Limited has informed the Exchange regarding Appointment of Mr Satbir Singh as Non- Executive Independent Director of the company w.e.f. May 15, 2025.
OMAXE · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Omaxe's board, at its May 15, 2025 meeting, approved raising Rs.199.40 crore by issuing up to 1,994 unrated, senior secured, non-convertible debentures (NCDs) of Rs.10 lakh each on a private placement basis. The NCDs carry a committed 12% IRR, have a tenor of up to 54 months, and will not be listed. Security includes first charge on project assets of Grand Omaxe, Rajguru & Bhagat Singh project, and Project Resort-A&B in Chandigarh, along with personal guarantees from promoters Rohtas Goel and Mohit Goel and several promoter-group entities. In a separate decision, the board appointed Mr. Satbir Singh (DIN: 06887978) as an Additional Non-Executive Independent Director for three years, subject to shareholder approval. Mr. Singh brings over 35 years of finance experience, including senior roles at IFCI, and a strong track record in debt restructuring and recovery (recovered over Rs.2,600 crore from stressed accounts like Ispat Industries and Essar Oil). He is not related to any existing director and is not debarred by SEBI or any authority.
The Rs.199.40 crore NCD raise increases Omaxe's debt burden but is tied to specific project cash flows with promoter guarantees, suggesting project-level financing rather than corporate-level borrowing. The addition of a financially experienced independent director strengthens board oversight, particularly relevant given the new debt issuance and the company's existing restructuring exposure.