Shareholders okay Unitech’s bid to raise Rs 5,000 cr

Real estate major Unitech Ltd informed the Bombay Stock Exchange that it had received shareholders approval to raise Rs 5,000 crore by issuing fresh equity and convertible instruments.

Real estate major Unitech Ltd on Monday informed the Bombay Stock Exchange (BSE) that it had received shareholders approval to raise Rs 5,000 crore by issuing fresh equity and convertible instruments. The decision was taken at an extra-ordinary general meeting (EGM) held at Gurgaon.

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The company also claimed that its debt obligation up to March had reduced to Rs 500-600 crore. The company till now had an obligation of Rs 2,500 crore. The company has a debt-equity ratio of 1:2.5.

The company had paid back substantial amount last Saturday and the rest has been rolled over, said Sanjay Chandra, managing director, Unitech.

Shares of the company closed at Rs 31.90, up 5.98 per cent, on the BSE after touching an intra-day low of Rs 25.75.