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Unitech under debt pressure

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Land developer Unitech Ltd. might have to allow debt possessed to mutual funds, has to reimburse about Rs. 550 Crores to mutual funds by the end of the year and if fails to return then the firm have to look for a rollover of the debt. It is said by the source at the www.propertykhazana.com that, the realty firm was to reimburse Rs. 950 Crores to the mutual funds on January, but it repaid the part of this and controlled to rollover the balance by three months. Company refused to state on the option of it is looking for a 2nd rollover and Unitech is functioning on some of the options to raise funds; it had taken Rs. 400 Crores from Unitech Wireless after the last closed deal with Norwegian Telecom Company Telenor SA of about USD 1.5 Billion. It sold out its 200 room Marriott Courtyard hotel in Gurgaon for about Rs. 250 Crores and is attempting to tract auction of its 200,000 Sq.ft corporate office in Saket in South Delhi to rise about Rs. 550 Crores.
Incomes from its new mid-income residential venture in Gurgaon might also be considered. Realty firms are stressed with a land market slowdown and reducing valuations as economic growth sluggish and clients prevent land buyers in the hope that rates will come down more. As per to the sources saying @ the www.propertykhazana.com, Unitech had filed a request with the Foreign Investment Promotion Board to raise Rs. 5,000 Crores by reducing promoter’s equity. The promoters were ready to reduce their equity from their then shareholding of about 70% to 40%. Unitech still cancelled the request, according to the company’s last public submission, Unitech promoters have hocked about 50% of their shares. For more updates on real estate market browse www.propertykhazana.com.

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