New Delhi: The country’s second largest realty firm Unitech Ltd on Friday began the process of raising at least Rs1,300 crore through private placement of equity to fund projects and service debt, persons familiar with the development said.
The company, which had raised Rs1,621 crore in the second half of April at Rs38.50 per share through the qualified institutional placement route, launched the second round on Friday at Rs81 per share, and the process is expected to be completed within the day itself, they said.
The Unitech spokesperson could not be contacted for comments.
Unitech’s shares rose 0.37% to close at Rs82.35 on the Bombay Stock Exchange.
Following the first round of qualified institutional placement, promoter stake had come down to 51% from about 64%. Unitech, having a land bank of about 8,000 acres covering 500 million sq. ft, has also raised Rs1,000 crore by outright sale of two hotels in Gurgaon and an office building in Saket.
Earlier in the day, sources said the company is in an advanced stage of talks to raise nearly Rs1,000 crore by selling stakes in its affordable housing projects.
Unitech reported a 28% fall in its consolidated net profit to Rs1,197.71 crore for 2008-09. It had a net profit of Rs1,661.86 crore in the previous fiscal. The total income of the company declined to Rs3,315.84 crore for the year ended 31 March, from Rs4,280.11 crore in fiscal 2008.
The company is also in advanced stages of negotiations with private equity firms to raise $200 million (nearly Rs1,000 crore) within the next three months by selling them stake in its affordable housing projects. These projects are being developed under the brand, Uni Homes.