Delhi based Unitech Ltd. stated that it has declined its debt duty of Rs. 3,000 Crores to Rs. 700 Crores, investors FIIs in exact are selling the realtor’s shares in big numbers and Unitech shares were trading for about 5% less at Rs. 31 on NSE. SMC Global Securities realty forecaster said to the www.propertykhazana.com that, “Investors are not very contented with Unitech’s debt compensation claims and it is not obvious how the company handled to cut debt from Rs. 3,000 to Rs. 700 Crores. Couple of weeks back, the company was not in a situation to earn its plighted shares, which were finally sold by IFCI and Zicom.” Unitech had raised Rs. 1000 Crores at 20% interest from 9-10 MF residences, comprising Reliance and Kotak, this was due for compensation and the company repaid the large amount while the leftover was towered.
He also said that, “Unitech is like other realty stock and is dropping from last couple of months. In some of the realty companies’ cases, there is a big list breakup but there is no much of liquidity, in favor of Unitech, we are not suggesting investors to purchase the company shares and not expecting any main benefit shortly.” Unitech had a total debt of about Rs. 8,500 Crores on its annual report, of which Rs. 2,500 was made-up to reimburse by the end of the year. Unitech MD said to www.propertykhazana.com that, “About Rs. 1,500 Crores loan had been reorganized till now, but did not reveal the correct figure and some of the loans that have relisted comprise those which were due after the month.” For latest real estate news browse www.propertykhazana.com.
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