Sunteck Realty has sought shareholder approval to raise up to ₹2,000 crore through various financial instruments. The company has also sought shareholder nod to merge Sanchit Derivatives with itself. According to the merger agreement, 88 lakh shares of Sunteck Realty will be allotted to shareholders of Sanchit Derivatives in proportion to their existing stake in the company. Post-issue of the new shares, Sunteck Realty’s equity capital will be diluted by 12.3 per cent. Shares of Sunteck Realty ended at ₹362.65, down 1.7 per cent from the previous day’s close.
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