Unitech makes smart comeback, advances over 7 pc on BSE
Unitech gained over 7 per cent on the BSE today after the company's promoters announced they have repaid Rs 50.6 crore to creditors.
By PTI |
MUMBAI: Shares of realty developer Unitech gained over 7 per cent 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 from whom the funds were raised had issued a notice on Friday last week giving virtually no time to Unitech's promoters to return the money, saying 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's scrip had plummeted by 10.59 per cent on the Bombay Stock Exchange (BSE) in yesterday's session.
At 2:44 pm, Unitech's shares were trading up by 7.32 per cent at Rs 46.20 apiece on the BSE, following the promoters' statement that they had repaid Rs 50.6 crore to their creditors.
The rebound in the broader market also supported Unitech's gains. The BSE benchmark Sensex snapped its five-day losing streak and was trading firm at 18205.19, up 182.97 points from the previous close, at 1446 hours today.
The creditors from whom the funds were raised had issued a notice on Friday last week giving virtually no time to Unitech's promoters to return the money, saying 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's scrip had plummeted by 10.59 per cent on the Bombay Stock Exchange (BSE) in yesterday's session.
At 2:44 pm, Unitech's shares were trading up by 7.32 per cent at Rs 46.20 apiece on the BSE, following the promoters' statement that they had repaid Rs 50.6 crore to their creditors.
The rebound in the broader market also supported Unitech's gains. The BSE benchmark Sensex snapped its five-day losing streak and was trading firm at 18205.19, up 182.97 points from the previous close, at 1446 hours today.
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