Unitech to sell 10 percent stake to raise $350 Million

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Bangalore: Haryana based real estate firm, Unitech is planning to sell 10 percent of its stakes to raise nearly $350 million. The total fund raising through equity sale would be in the range of $500 million, which is expected to be be completed by the next two months. The stake sale has been initiated with Indian players like HDFC PE, IL&FS and Credit Suisse Moreover, the company also plans to raise $150 million through special purpose vehicles for different housing projects, reports NDTV. The company is working on equity linked convertible structures to meet its capital needs. NDTV has learnt that Unitech is also looking to raise $150 million through special purpose vehicles for different housing projects. The total fund raising through equity sale would be in the range of $500 million. However, when contacted, Sanjay Chandra, Managing Director, Unitech, refused to comment on the stake sale talks.