Mumbai: Unitech Ltd has informed the Bombay Stock Exchange (BSE) that company’s Committee of Directors (CoD) at its meeting held on Monday allotted 227.5 million warrants convertible into equity shares at Rs48.75 per share to Harsil Projects Pvt. Ltd, a promoter group company.

The warrants can be converted into equal number of equity shares within eighteen months from the date of allotment of the warrants, in one or more tranches. “With the issue of warrants, the promoters’ stake in the company is expected to rise from 43% to 48%,” a company spokesperson said.

Unitech on Friday raised around $575 million (Rs2766.9 crore) through a Qualified Institutional Placement (QIP) after which the promoter’s stake had come down to 43% from 51% earlier. The QIP was done at Rs81 per share. This was Unitech’s second QIP. In April, Unitech had raised $325 million (Rs1563.9 crore) by selling 421 million shares through a QIP at Rs38.50 per share.

Unitech’s share was up by 3.58% to close at Rs85.30 on the BSE. While the Sensex was up by 0.14%, the BSE Realty Index was up by 2.91%.