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Our Bureau

Kolkata , June 1

Unitech stock closed up five per cent today (at Rs 14,094 on the BSE) on reported clarity on its Noida bid and 1:12 bonus issue proposal. According to market sources, the FIIs were buyers in the counter today.

The New Okhla Industrial Development Authority (Noida) has rejected the reported claims of ICity Infrastructure, one of the bidders, that the Unitech consortium's higher bid of Rs 2,100 crore had been ignored. The development authority is understood to have said the process for awarding the 340-acre land deal was conducted "transparently". The financial bids of ICity Infrastructure were not opened as they did not technically qualify with regard to the minimum criteria, including net worth and requisite experience. Unitech had bid Rs 11,529 per sq m for the project where 50 per cent of the land would be used for open area development and greenery and the rest for residential accommodation.

Unitech has planned to undertake a premium housing project on the land. It expects to finalise the exact product mix in the next six months.

The construction on the site will begin by the first quarter of next year and is likely to be completed by 2010. Unitech is yet to announce the overall project cost. However, it indicated that the project will be funded through a combination of internal accruals and debt.

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