New Delhi-based real estate major Omaxe Ltd is planning to raise up to Rs 1,500 crore in the current fiscal, for its various upcoming projects.

Along with this, the promoters may also dilute 5-10 per cent stake in the company via qualified institutional placement (QIP) in January-March next year.

In the 2007-08 financial year, the company had raised around Rs 1,200 crore for its various projects.

The company recently raised Rs 100 crore via private placement of 100 secured, non-convertible debentures of Rs 1 crore each to LIC Mutual Fund.
Omaxe is also planning to dilute up to 50% stake in special purpose vehicles (SPV), which are executing the 19.5-acre residential-cum-commercial project at Visakhapatnam in Andhra Pradesh and the 393-acre integrated township at Naya Raipur in Chattisgarh.

The company is already in talks with four- five private equity funds for these two projects and will raise a total of $50-$60 million (Rs 215-258 crore) by diluting stake.

Recently, Omaxe has posted a consolidated net profit of Rs 494.87 crore for the year ended March 31, 2008, with more than two-fold jump over Rs 243.96 crore in the previous fiscal.

The company has also announced a dividend of 25% on equity shares for the financial year ended March 31, 2008.