Unitech raises $575 Million via private placements

By SiliconIndia   |    3 Comments
Printer Print Email Email
Unitech raises $575 Million via private placements
Bangalore: Unitech, a real estate firm, has raised $575 million ( 2,800 crore) through a private placement of shares with overseas investors at Rs 81 per share. The company was initially planning to raise 1,300 crore, but after looking at the healthy response from private equity players, it decided to raise about 2,800 crore.

The company is now valued at around $4.5 billion against its market capitalization of just $710 Million in November 2008, as per VC Circle. Unitech has been raising funds from the beginning of this year to improve the cash flow of the company and reduce its debt. Last month, the firm had announced that it would issue up to one billion new shares to raise long term funds. This is the second large external fund raising initiative by the firm in three months. In April, Unitech had raised $325 million by selling 421 million shares through a QIP at 38.50 per share. The investors in the first issue included Singapore's GIC, HSBC, U.K.'s Prudential, Orient Global and Sandstone Capital. Since the sharp rise in share prices these investors have more than doubled their investment value in three months.

This fund raising activity implies that liquidity flows into India have not witnessed any setback as feared in some sections of the market.

The Department of Telecommunications (DoT) in consultation with the Finance Ministry plans to spli..
Chipset-making giant Qualcomm has listed chipsets such as Snapdragon 855, 845, 710, 675 and 67..
Hinduja Global Solutions here on Monday said it has set up a centre of excellence to train disable..
Enterprise IT
PayByPhone, the global leader in mobile parking payments, today announced that it will appoint And..
Startup City
India Accelerator, a GAN partnered, mentorship-driven, acceleration program hosted ‘The Inner Ci..
US Indian
An Indian-American teenager has been conferred with the 2019 National STEM (Science, Technolog..
IIT Roorkee organized an MoU exchanging ceremony between the Govt. of India Department of Scie..
First things first. "Made In Heaven" is the sexiest webseries India has produced, no doubt about i..
Facebook ruled out a cyber attack on its products Whatsapp, Instagram and Messenger, which suffere..