Omaxe and Vishal Retail forms consortium to bid for Chawri Bazar DMRC station

Omaxe Ltd has entered into Consortium Agreement / Memorandum of Agreement with Vishal Retail Ltd on August 04, 2007 for filing tender documents for "Commercial Development at Chawri Bazar" invited by Delhi Metro Rail Corporation Ltd.

As detailed in prospectus, the Company entered into joint venture with Azorim International Holdings Ltd ("Azorim") for the construction and development of residential project "the Forest", on November 22, 2006.

Further to above said agreement and amendments there of the Company has been allotted 490000 equity shares @ Rs 10 each, 9420 Class A Preference Shares of Rs 92,579/- each and 50 Class B Preference Shares of Rs 100,000 each on August 08, 2007. The JV partner Azorim has been allotted 500,000 equity shares of Rs 10 each, 22250 class C Preference Shares of Rs 100,000 each, 2410 Class A Equity shares of Rs 100,000 each, 6311 Class B Equity Shares of Rs 100,000, 189 Class C Equity Shares of Rs 100,000 each and 500,000 Superior Equity Shares of Rs 10/- each, on August 09, 2007. Further Class A Preference Shares of Rs 92579 each issued to the Company against the land consideration were redeemed as per the terms of agreement.

The stock closed the day at Rs.345.85, up by Rs.0.65 or 0.19%. The total traded quantity was 1680940 compared to 2 week average of 5925538. The stock hit an intraday high of Rs.356.40 and low of Rs.344.35.

Source : Equity Bulls

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