Markets

Unitech promoters repay Rs 250-cr debt

Press Trust of India New Delhi | Updated on February 07, 2011

The promoters of Unitech have repaid Rs 250 crore they borrowed from a clutch of investors by pledging their shares a year ago.

The investors from whom the funds were raised had issued a notice on January 28, failing which they threatened to sell the pledged shares in the market on January 31.

This forced Unitech's promoters to move the Delhi High Court on January 31 to obtain a stay on sale of the shares by the creditors.

The repayment was done 17 days ahead of the deadline given by the Delhi High Court.

Published on February 07, 2011

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