Unitech looks to repay debt through asset, share sale

Unitech looks to repay debt through asset, share sale
PTI
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First Published: Mon, Jun 08 2009. 12 38 AM IST
Updated: Mon, Jun 08 2009. 12 38 AM IST
New Delhi: Real estate company Unitech Ltd plans to raise at least Rs700 crore this fiscal by selling commercial assets, including hotels, as part of its exercise to retire some of its Rs7,800 crore debt.
“From asset sales, we expect to get Rs1,500-Rs1,700 crore in this fiscal. We have already got two-thirds. That means another Rs700 crore to be raised in this fiscal,” Unitech managing director Sanjay Chandra said.
Asked about the assets that the company is planning to sell, he said: “Couple of more hotels...plus some other non-core things (that we) will get rid of—small assets sales, Rs100-200 crore will be from non-core assets.”
The move comes as eight real estate firms, including Unitech, Parsvnath Developers Ltd and Sobha Developers Ltd look to raise more than Rs25,000 crore together through sales of shares, mostly to foreign investors.
Unitech tops the tally with plans to raise over Rs11,000 crore, with Parsvnath planning to raise Rs2,500 crore and Sobha Developers, Rs1,500 crore.
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First Published: Mon, Jun 08 2009. 12 38 AM IST