Rashmi

Unitech Ltd, India's second- largest realty firm by market value, today said it plans to invest up to Rs 9,000 crore in various projects across India.

In a communique to Bombay Stock Exchange, Unitech said its shareholders would consider 18 special resolutions regarding investments in various projects by way of postal ballot. The result would be announced on December 7.

The Gurgaon-based firm also plans to issue securities equivalent to up to 20 crore equity shares of face value Rs 2 each to domestic or overseas investors through a public or private offering. Although the company did not mention the issue price, it could raise as much as Rs 7,300 crore based on its current share price of Rs 365.50 on the BSE.

The company also said shareholders will also take up a proposal to increase its borrowing limit to Rs 15,000 crore.

Unitech has sought shareholders' approvals to invest up to Rs 500 crore in Bengal Unitech Universal Infrastructure Ltd either through equity shares, convertible or non-convertible preference shares or optionally convertible debentures. The investments would be made in one or more tranches.

Investments of a like amount would be made is similar manner in 17 other projects. These include Unitech Hi-Tech Developers, International Recreation Parks Ltd, Unitech Amusement Parks Ltd, New Kolkata International Development Ltd, New Kolkata SEZ Ltd, Unitech Infrastructures Ltd, Unitech Builders and Estates Ltd, Bengal Universal Consultants Ltd, Unitech Sai Ltd and Unitech Valdel Valmark Ltd among others.


Excerpts from:Trading Markets