Unitech gets shareholder nod for raising Rs5,000 cr

Unitech gets shareholder nod for raising Rs5,000 cr
PTI
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First Published: Mon, Jan 19 2009. 01 27 PM IST
Updated: Mon, Jan 19 2009. 01 27 PM IST
Mumbai: Real estate major Unitech on Monday said it has got shareholders’ approval for raising Rs5,000 crore through issue of securities.
The shareholders at the extra-ordinary general meeting have approved the raising of additional long-term funds up to Rs5,000 crore, through issuance of further securities in the company, Unitech said in a filing to the Bombay Stock Exchange.
The company, which on 22 December got board approval to raise long-term funds up to Rs5,000 crore, is at present passing through a huge credit crunch and is in talks with potential buyers to offload some of its hotels and commercial properties.
Further, the shareholders have also approved the raising of the authorised share capital of the company to Rs1,000 crore from the existing Rs500 crore, the filing added.
According to sources, the company is in urgent need of capital as it has already rescheduled Rs1,000 crore loans to pay Rs2,500 crore by March out of the about Rs8,000-crore debt. Unitech is negotiating with banks for rescheduling of another Rs500 crore.
Unitech was trading at Rs28.10, down 6.64%.
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First Published: Mon, Jan 19 2009. 01 27 PM IST