Unitech repays part of Rs 500 cr loan to mutual funds
Unitech, reeling under a debt burden of Rs 8,400 crore, has partly repaid Rs 500 crore loan it owes to mutual fund houses and has rescheduled the remaining part.
By PTI |
NEW DELHI: Unitech, reeling under a debt burden of Rs 8,400 crore, has partly repaid Rs 500 crore loan it owes to mutual fund houses and has rescheduled the remaining part.
Unitech had to repay Rs 900 crore on January 19. But it made a part-payment of Rs 400 crore and rescheduled the rest Rs 500 crore which was due on Sunday.
"We have repaid partly and have rescheduled the rest of Rs 500 crore loan to mutual funds," sources close to the development said.
As of March 31, 2009, the company has a debt of Rs 8,400 crore, of which it has been able to reschedule about Rs 2,500 crore, they added.
Unitech is raising over Rs 1,600 crore through private placements, which would be utilised to launch new projects and part-payment of its debt.
The company would deploy the funds raised through QIP "judiciously". It would focus on launching new projects to enhance the cash flow, which will help in meeting the debt obligation.
Unitech, which witnessed an all-time low in its sales during last year, plans to launch over 40 new projects, having saleable area of 30 million sq ft, in the current fiscal.
About 90 per cent of the projects would be in residential segment. It would launch these projects in 15 cities across the country.
Unitech had to repay Rs 900 crore on January 19. But it made a part-payment of Rs 400 crore and rescheduled the rest Rs 500 crore which was due on Sunday.
"We have repaid partly and have rescheduled the rest of Rs 500 crore loan to mutual funds," sources close to the development said.
As of March 31, 2009, the company has a debt of Rs 8,400 crore, of which it has been able to reschedule about Rs 2,500 crore, they added.
Unitech is raising over Rs 1,600 crore through private placements, which would be utilised to launch new projects and part-payment of its debt.
The company would deploy the funds raised through QIP "judiciously". It would focus on launching new projects to enhance the cash flow, which will help in meeting the debt obligation.
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Unitech, which witnessed an all-time low in its sales during last year, plans to launch over 40 new projects, having saleable area of 30 million sq ft, in the current fiscal.
About 90 per cent of the projects would be in residential segment. It would launch these projects in 15 cities across the country.
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