Unitech Said to Raise $575 Million in Sale to Institutions
June 27 (Bloomberg) -- Unitech Ltd., India's second-biggest real-estate developer, sold $575 million of stock to institutional investors, two people familiar with the sale said.
The Gurgaon, New Delhi-based company sold the shares yesterday at 81 rupees ($1.68) each, said the people, who declined to be identified before an announcement. A Unitech spokesman declined to comment.
Unitech sold assets and stock this year to reduce debt and fund projects. In April, the developer raised 16.2 billion rupees in a share offering and disposed of 10 billion rupees of property. Shareholders last week approved the sale of 11.55 billion rupees of warrants to Unitech's founders and as many as 1 billion shares to investors.
Credit Suisse Group AG, IDFC-SSKI Securities Pvt., Morgan Stanley and UBS AG are advising Unitech, the people familiar said.
To contact the reporters on this story: Pratik Parija in New Delhi at pparija@bloomberg.net Sumit Sharma in Mumbai at sumitsharma@bloomberg.net
June 27 (Bloomberg) -- Unitech Ltd., India's second-biggest real-estate developer, sold $575 million of stock to institutional investors, two people familiar with the sale said.
The Gurgaon, New Delhi-based company sold the shares yesterday at 81 rupees ($1.68) each, said the people, who declined to be identified before an announcement. A Unitech spokesman declined to comment.
Unitech sold assets and stock this year to reduce debt and fund projects. In April, the developer raised 16.2 billion rupees in a share offering and disposed of 10 billion rupees of property. Shareholders last week approved the sale of 11.55 billion rupees of warrants to Unitech's founders and as many as 1 billion shares to investors.
Credit Suisse Group AG, IDFC-SSKI Securities Pvt., Morgan Stanley and UBS AG are advising Unitech, the people familiar said.
To contact the reporters on this story: Pratik Parija in New Delhi at pparija@bloomberg.net Sumit Sharma in Mumbai at sumitsharma@bloomberg.net
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