Stocks

Unitech recovers on promoters’ statement

PTI Mumbai | Updated on February 02, 2011

Shares of realty developer Unitech gained 5.57 per cent in the early trade on the BSE today after the company’s promoters announced they have repaid Rs 50.6 crore to creditors from whom they had raised about Rs 250 crore a year ago by pledging their shares.

The creditors had issued a notice last Friday giving virtually no time to Unitech promoters to return the money, saying that they would sell the pledged shares in the market on Monday in case of non-payment.

Reacting to reports on the potential sale of the pledged shares, Unitech scrip plummeted by 10.59 per cent on the BSE on Tuesday. However, the scrip bounced back by 5.57 per cent to a high of Rs 45.45 apiece on the BSE following the promoters’ statement that they had repaid Rs 50.6 crore to their creditors.

The scrip made a similar recovery on the National Stock Exchange and advanced by 5.45 per cent to Rs 45.40 in the first half of trade.

The rebound in the broader market also supported Unitech’s gains.

Published on February 02, 2011

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