Unitech plans to raise Rs 5,000 cr

The country's second largest realty firm, Unitech, on Monday said it plans to raise Rs 5,000 crore through issue of securities.

The country's second largest realty firm, Unitech, on Monday said it plans to raise Rs 5,000 crore through issue of securities.

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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.

When contacted, Unitech General Manager (Corporate Planning and Strategy) R Nagraju said, "This is an enabling resolution that we have approved so that whenever we need to raise money, there is no requirement of going again to seek shareholders' approval."

He said, the board had earlier approved an enabling resolution to raise similar amount, but it was expired.

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 to seek the shareholders' approval on the above proposals.

The shares of the company were last trading 3.84 per cent up at Rs 45.95 on the Bombay Stock Exchange.