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Unitech seeks more time to repay the outstanding debts

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After all flourishing Rs. 1,650 Crores of Qualified Institutional Placement (QIP) issue raised problem to realty firm Unitech; it has delayed the refund of Rs. 550 Crores debt and had to pay back to mutual funds by April. Unitech has refunded 5th of this amount and agreed to pay about 85% by a year. When approached to the company, it declined to state, but a senior executive on a situation of secrecy, he said to www.propertykhazana.com that, “We have reformed majority of the debt and have paid some in a way that all mutual funds have been paid properly, still none of their debt has been totally paid off to the mutual funds”, he added.
As said by the source at the www.proeprtykhazana.com, company has reformed the debt for a year at an interest rate of about 15%, much less than the before 20%. Unitech had a loan of up to Rs. 550 Crores through mutual funds of Reliance, SBI, ING Vysa, UTI, HSBC, Kotak and Sundaram BNP Paribas. Flourishing conclusion of Unitech’s QIP issue has hiked opportunities that the realty firm will be bale to repay the Rs. 550 Crores debts on time, but the firm has decided to follow a plan of delaying the mass of the compensation by one more year. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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