Unitech gets nod to raise $1.25 Billion
Printer Print Email Email
Mumbai: Retail firm Unitech has got an approval from its shareholders to raise Rs 5,000 crore ($1.25 Billion) for long-term funding. Following the announcement regarding this, the shares of the company rebounded to trade nearly five percent up in the afternoon deals. It had plunged by over 14 percent in morning trade. In a stock exchange filing, the company said that its shareholders at an extra-ordinary general meeting (EGM) approved the raising of additional long-term funds up to Rs 5,000 crore, through issuance of securities in the company. The shareholders have also approved the raising of the authorized share capital of the company to Rs 1,000 crore from the existing Rs 500 crore, the filing added. Unitech was trading 4.82 percent up at Rs 31.75. The scrip, which opened strongly, had later dipped to a low of Rs 25.75, down 1445 percent from its previous close. Over 842 crore shares changed hands on the bourse. The company, which is currently reeling under financial crunch, had last month received board approval for raising long-term funds up to Rs 5,000 crore.
Source: IANS
siliconindia