Untitled Document
Excon, Excon 2011 Biggest Construction Equipment Trade fair India.
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www.epcworld.in
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Real Estate |
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| 6/30/2009 3:53:00 PM |
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Mumbai, June (EPC News): Major real estate player, Unitech raised $ 575 million (Rs 2,800 crore) through placing shares with overseas private equity funds at Rs 81 per share. |
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This clearly indicates the rising interest of foreign investors in the Indian real estate market. The company had a plan to raise only $200 million but as the demand from investors was huge, it decided to increase the issue size.
In the deal, the company will issue 342 million shares, which will expand its equity base by around 16.7%. This will bring down the promoter’s stake in the company to around 43%. However, following the conversion of warrants, subscribed by the promoter in May at Rs 50 per share for Rs 1155 crore, his stake will increase to 49%. The company had raised $325 million in April by selling 421 million shares to private equity funds at Rs 38.50 per share. The money raised on Friday will be partly used to repay the high cost debt of and partly to launch affordable houses in various regions of the country.
Unitech had announced its plans to build 20,000 affordable houses at an investment of Rs 1,700 crore. It is also aiming to sell 15,000 flats in 2009-10.
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