Unitech raised $209 mn from asset sales: MD

Unitech shareholders approved on Tuesday issue of up to 1 billion shares to investors and 227.5 million convertible warrants to one of its founder group firms.

Unitech Ltd,India’s second-largest listed property firm,has raised more than Rs 10 billion from asset sales this year and is not under pressure to raise further capital,its managing director said on Tuesday.

“Market has definitely bottomed out. The volume of sales,which are happening right now,we have never seen before,though prices are down 25-30 per cent from (2007) peaks,” Sanjay Chandra said.

Unitech shareholders approved on Tuesday issue of up to 1 billion shares to investors and 227.5 million convertible warrants to one of its founder group firms.

The company last month sold shares for $325 million to institutional investors to tide over tight liquidity. Indian real estate firms have been hit by a severe cash crunch after high prices kept away buyers of homes,offices and shops.

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