Cash-strapped realty company, Omaxe has managed to pay Indiabulls Financial Services Rs 21 crore in December 2008. With this payment, Omaxe has been able to pay Rs 201 crore against the total loan of Rs 300 crore it took from the latter in December 2007. The company had pledged 2.5 crore of its shares, translating into 14.44% equity stake, to Indiabulls in December 2007. The loan was repayable over a three-year period, with Omaxe having the option of repaying within six months also.
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