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Unitech Raises USD 575 Million

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By calling for a private placement of equity shares in overseas, Unitech, a major real estate group could manage to get USD 575 million equity funds quoting Rs. 80 per share which shows that there is a increase in the investors in the Indian realty market. As the demand for investment was over-whelming, the company though had initial plans to rise only USD 200 million subsequently increased the issue size. As per the report saying at the www.propertykhazana.com, there was a total demand of over USD 1 billion in the auction.
As per the understanding, over 340 million shares will be issued by the company which will help it to increase its equity base by over 17% and thus lower the promoters’ stake by nearly 40%. Since in May, there was a change in the alteration of warrants subscribed by the promoter, @ Rs. 50 per share for Rs. 1160 crore, the promoter’s stake would increase by 48%. In April, the company sold 425 million shares @ Rs. 38.50 per share to private equity funds and raised USD 330 million. As quoted by a senior official of the company, this is the last dilution of the company’s capital base. The Friday’s accumulated funds may partly be used to clear the debt of the high cost of the company and the rest to start inexpensive houses in different parts of the country, as the company has a loan of Rs. 7,800 crore.
It is also added by the source at the www.propertykhazana.com that the company has plans to construct 20,000 reasonably priced houses with an investment of Rs. 1,800 crore. It is also thinking of selling 15,000 flats in 2009-10 by way of converting its premium projects as inexpensive housing as there is a more demand for the same and thus building of inexpensive houses will boost the cash flow of the company. For more and latest realty updates visit www.propertykhazana.com.
Source: NBTVLIVE

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