Unitech plans to raise long-term funds

Unitech plans to raise long-term funds
Comment E-mail Print Share
First Published: Tue, May 19 2009. 10 18 AM IST
Updated: Tue, May 19 2009. 10 18 AM IST
Mumbai: Real estate firm Unitech said on Tuesday its board approved raising additional long-term funds by selling securities and issuing share warrants to its founders.
It did not say how much it wanted to raise. The company last month sold shares for $325 million to institutional investors to tide over tight liquidity.
The real estate firms have been hit by a severe cash crunch after high prices kept away buyers of homes, offices and shops.
On Monday, Indiabulls Real Estate raised $550 million by selling shares to funds, two sources said.
Comment E-mail Print Share
First Published: Tue, May 19 2009. 10 18 AM IST