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Wednesday, February 2, 2011

Notice from Investors to Unitech

The promoters of Unitech Ltd have repaid Rs 89 crore to investors from whom they had borrowed about Rs 250 crore a year ago by pledging their shares in India's second-largest realty firm. The promoters have already paid Rs 89 crore and the remaining Rs 89 crore (of outstanding 178 crore) would be repaid by the second week of February. The investors, from whom the funds were raised, had issued a notice on Friday last week seeking immediate return of the money, failing which they had warned of selling the pledged shares in the stock market on Monday. This forced the Unitech promoters to move the Delhi High Court on Sunday and get a stay on the proposed share sale by the investors. The promoters had raised Rs 250 crore from high net- worth individuals (HNIs) last year through issue of non- convertible debentures and had pledged their shares in Unitech to raise the fund. Morgan Stanley was the banker of the issue of debentures. The total outstanding by the end of last week was Rs 178 crore, which the Unitech promoters were required to pay by May. The promoters have started repaying the amount.


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