Weakness in realty stocks weighed on Unitech. The stock could not hold gains and slumped to a low of Rs 82. It finally ended with a loss of 5.5% at Rs 84. Around 27 million shares were traded on the BSE today.
_____________________________________________________
(Updated at 1102 hrs)
Unitech has moved up 2.5% on plans of a billion shares issue to raise funds.
The stock opened 3.5% higher at Rs 92. It touched a low of Rs 88 and is currently trading 2.5% higher at Rs 91. Over 8.9 million shares have been traded at the counter on the BSE so far. The stock price has increased 79% in the last month.
The company hopes to bring in around Rs 8,500 crore through the issue of shares. Further, Rs 1,150 crore would be raised through a preferential issue of 227.5 million convertible warrants to promoters at Rs 50 each.