Unitech sells Gurgaon hotel for Rs 270 cr | business | Hindustan Times
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Unitech sells Gurgaon hotel for Rs 270 cr

There seems to be ultimately some light at the end of the tunnel for capital-scarce realty firm Unitech in these troubled times.

business Updated: Dec 22, 2008 20:42 IST
Gaurav Jha

There seems to be ultimately some light at the end of the tunnel for capital-scarce realty firm Unitech in these troubled times.

The firm has almost sealed the deal of its much-talked about 200-room Marriott Courtyard hotel in Gurgaon for Rs 270 crore although final paper works remain to be cleared.

“The deal is nearly complete and the hotel is valued at around Rs 270 crore”, an investment banking source familiar with the development, told Hindustan Times, requesting anonymity. “Last minute paper-work remain to be cleared and an official announcement can be expected next week," he said.

He, however, refused to divulge the name of the buyers. Reports have suggested that Amtek Auto, Hinduja and ITC Ltd were among the prospective buyers.

The company also plans to raise about Rs 5,000 crore through issue of securities. The company's board, which met on Monday, approved a proposal to raise long-term funds up to Rs 5,000 crore or equivalent amounts in other currencies, through issuance of further securities.

The board also approved for increasing the authorised share capital of the company to Rs 1,000 crore from the current Rs 500 crore.

Unitech has convened an extra-ordinary general meeting on January 19 next year.