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Promoters raise stake in Unitech to 48.57%

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Press Trust Of India New Delhi
Last Updated : Jan 20 2013 | 1:37 AM IST

India’s second largest realty firm Unitech today said its promoters have increased their stake in the company by 1.18 per cent to 48.57 per cent by converting warrants worth Rs 224.7 crore.

In a notice to the Bombay Stock Exchange, Unitech said its committee of directors, at a meeting on December 22, had allotted 5,90,34,352 equity shares of Rs 2 each at a premium of Rs 48.75 per share to Harsil Projects Pvt Ltd, a promoter group company.

Unitech managing director Sanjay Chandra said the promoters paid Rs 224.7 crore now, which is 75 per cent of the total value of the warrants.

“We paid 25 per cent of the amount 18 months ago when the warrants were issued,” he said.

The company said the promoters’ shareholding in the company after such allotment on conversion of warrants has increased to 48.57 per cent from 47.39 per cent.

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First Published: Dec 28 2010 | 12:29 AM IST

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