Realty firm Omaxe has reported 10 per cent decline in its consolidated net profit at Rs 20.27 crore for the fourth quarter of the last fiscal year and announced plans to raise Rs 500 crore through private placement of debentures or other debt instruments.

Its net profit stood at Rs 22.54 crore in the year-ago period, the company said in a regulatory filing. Total income also fell to Rs 307.59 crore during January-March period of 2018-19 financial year from Rs 520.06 crore in the corresponding period of the previous year.

Net profit fell 42 per cent at Rs 49.01 crore during the last fiscal from Rs 84 crore in the 2017-18 fiscal year. Total income dipped to Rs 1,200.24 crore during 2018-19 from Rs 1,397.80 crore in the previous year. The board recommended the final dividend of Re 0.7 per share (7 per cent) only to public shareholders on equity shares of Rs 10 each.

It also approved proposal to raise Rs 500 crore through private placement of non-convertible debentures and/or other debt securities. The shareholders approval would be taken at the forthcoming annual general meeting of the company.

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