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New Delhi, Nov. 3

Real estate company Omaxe Ltd on Tuesday said it has prepaid debt of Rs 300 crore to Indiabulls Financial Services Ltd, ahead of schedule. “Omaxe Ltd made a pre payment of the outstanding amount and cleared the entire debt more than a year ahead of its scheduled period,” it said in a statement. Omaxe had availed itself of a term facility of Rs 300 crore from Indiabulls Financial Services Ltd in December 2007 for a period of three years. The company had prepaid Rs 201 crore, in tranches up to March 2009. Now, the balance Rs 99 crore has been pre-paid ahead of its scheduled period, it said. “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,” Mr Rohtas Goel, CMD, Omaxe Ltd, said.

– Our Bureau

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