Stocks

Unitech settles 50% dues against pledged shares

Our Bureau New Delhi | Updated on February 02, 2011

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Real estate company Unitech said on Wednesday that its promoters have repaid nearly Rs 89 crore or 50 per cent of outstanding amount to its creditors — almost two days ahead of a Court directed deadline for repayment.

Further, the promoters will adhere to the stipulated timeline of February 22 for repayment of the balance 50 per cent to its creditors, in line with directions of the Delhi High Court, a senior company official said.

The investors with whom the funds were raised had last Friday issued a notice to Unitech promoters seeking immediate return of the money, failing which they had warned of selling the pledged shares immediately.

“The court, while restraining the lenders from selling shares, had also directed the promoters to make payments in tranches – 20 per cent by January 31, next 30 per cent by February 4, and balance 50 per cent by February 22. But between Monday and Wednesday this week, the promoters have already repaid Rs 89 crore or 50 per cent of the amount due,” the official said, but did not confirm where the funds were raised from.

The official said that the promoters had about 14 months ago raised Rs 250 crore from a pool of investors. Morgan Stanley had acted as the arranger.

Over the last 14 months, the promoters have been making periodic payments and as of January 28, the total outstanding had come down to Rs 178 crore, the official said.

The stock, however, failed to hold on to the initial gains.

After touching as high as Rs 47.05 on the NSE on Wednesday, it closed in the red at Rs 45.05 against the previous day's close of Rs 45.1 5

Published on February 02, 2011

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