Mumbai: Real estate firm Unitech on Wednesday said it will raise over Rs2,789 crore through private placement of shares to institutional investors at Rs81 per share.
The board has approved the issuance of over 34.43 crore shares to qualified institutional buyers (QIB) at a price of Rs81 a piece, aggregating to Rs2,789.32 crore, Unitech said in a filing to the Bombay Stock Exchange.
The company, which had raised Rs1,621 crore in the second half of April at Rs38.50 per share through the qualified institutional placement (QIP) route, launched the second round on Friday at Rs81 per share.
Following the first round of QIP, promoter’s stake had come down to 51% from about 64%.
The country’s second largest realty firm has been raising funds from the beginning of this year to improve the cash flow of the company and reduce its huge debt, which surged to nearly Rs11,000 crore by the end of 2008.
Unitech, having a land bank of about 8,000 acres covering 500 million sq ft, had also raised Rs1,000 crore by outright sale of two hotels in Gurgaon and an office building in Saket.
Shares of Unitech were trading at Rs81.40 on BSE, up 2.26% over the previous close.