Unitech promoters repay Rs 89 cr to a clutch of investors

Written by: Pti
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Mumbai, Feb 2 (PTI) The promoters of Unitech Ltd haverepaid Rs 89 crore to a clutch of investors from whom they hadborrowed about Rs 250 crore a year ago by pledging theirshares in India''s second-largest realty firm.

"The promoters have already paid Rs 89 crore and theremaining Rs 89 crore (of outstanding 178 crore) would berepaid by the second week of February," a company source saidhere today.

The investors, from whom the funds were raised, hadissued a notice on Friday last week seeking immediate returnof the money, failing which they had warned of selling thepledged shares in the stock market on Monday.

This forced the Unitech promoters to move the DelhiHigh Court on Sunday and get a stay on the proposed share saleby the investors.

The promoters had raised Rs 250 crore from high net-worth individuals (HNIs) last year through issue of non-convertible debentures and had pledged their shares in Unitechto raise the fund. Morgan Stanley was the banker of the issueof debentures, sources said.

The total outstanding by the end of last week was Rs178 crore, which the Unitech promoters were required to pay byMay. The promoters have started repaying the amount, thesources added.

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