The real estate player Unitech has plans to obtain USD 700 Million the form of convertible bonds in foreign nations has run into rough weather with the financial operators who are opposing a waiver of three year restrictions in such investments. According to sources at www.propertykhazana.com, even though there has been stiff resistance from finance ministry and RBI, the Foreign Investment Promotion Board, who is handling such investments, would do the research at the next meeting. This was stated by the paper who was quoting a government official who was scrutinizing the development.
The officials of Unitech could not be available to react on this issue. Unitech has however, argued on the fact that convertible bonds must be treated as debt until they are transferred to shares. For more scintillating updates, please visit the website www.propertykhazana.com.
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