New Delhi: The country’s second largest realty firm, Unitech Ltd, which at present is facing a financial crunch, has rescheduled loans of Rs1,000 crore to banks, out of Rs2,500 crore that it needs to pay by March 2009.
According to sources, Unitech has rescheduled Rs1,000 crore loans and is negotiating with banks for Rs500 crore.
The company has a total debt of about Rs8,000 crore, of which Rs2,500 crore is to be paid by March.
The RBI has recently relaxed asset classification norms for commercial real estate advances, which are restructured up to June 2009.
“As the real estate sector is facing difficulties, it has been decided to extend exceptional/concessional treatment to the commercial real estate exposures which are restructured up to June30, 2009,” the apex bank said.
Last month, Unitech chairman Ramesh Chandra had said that it was working on many options to mobilise about Rs2,500 crore to retire part of its debt.
“We are working on many options to raise funds,” Chandra had said, adding it could be through sale of some completed projects or offloading equity at project level.
“Debt is about Rs8,000 crore. I feel that in another 4-5 months, we should be able to bring it to half. Disposal of assets could be anything between Rs1,200-1,500 crore. Private equity will be another Rs1,000 crore. And transfer of loans to telecom venture will be about Rs2,000 crore,” he had said.
Among properties which are on the block for sale is its office building at Saket in the national capital and a hotel in Gurgaon, comprising 199 rooms.
The company’s shares were trading at Rs34.10 at Bombay Stock Exchange in late afternoon trade.