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Unitech Rejects Proposal to Raise Money By Funds

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Unitech, a leading brand in the realty segment, has decided to raise more funds. As per the sources at www.propertykhazana.com, it has withdrawn the plans to increase approx INR 3,300 Crores through the foreign currency convertible Bonds (FCCB’s). Unitech has contacted the Department of Industrial Policy and Planning (DIPP) and RBI who wants to have concession of three year restriction to encourage transfer of resources of the FCCB.
This firm has decided to obtain the funds using the bonds for more than 2 years. Most of the government permitted the real estate luminaries to obtain the money by foreign borrowings for the assignments in January as part of the incentive plans. This will totally opposite to ban on foreign borrowings by the firms in the year May 2007.
The government has stressed on the fact that Department of Economic Affairs and has also refused to give the concession regarding the restrictions, stating that it would lead to bad practices.
As per the sources at www.propertykhazana.com, Unitech is eyeing foreign nations to boost the financial resources to reduce the overhaul cost which is approx 14% and the official refused to divulge any information. Furthermore, In Jan 2009, the company has a debt of approx INR 11,000 Crores, which is twice than the market value. In addition to this, the present debt is approx INR 5,800 Crores and hence company would not be able to raise the funds.
Unitech also assured that the government is trying hard to convert FCCB into the shares which will be available to the holders who are registered with the markets apex body known as SEBI.
Furthermore, the bonds are with the overseas institutes and banks have the chance to en cash them after the expiry dates and then switch to the shares at the rates which are decided in advance. For more information on this updates, please visit the website www.propertykhazana.com.
Source: NBTVLIVE

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