Unitech promoters repay Rs 178-cr debt

Unitech promoters have repaid the entire amount of Rs 178 crore to investors to prevent Morgan Stanley (the banker of the issue of debentures) from selling shares that were held against debt raised by some group entities, the Hindustan Times reported.

February 11, 2011 / 23:21 IST

Unitech promoters have repaid the entire amount of Rs 178 crore to investors to prevent Morgan Stanley (the banker of the issue of debentures) from selling shares that were held against debt raised by some group entities, the Hindustan Times reported. The promoters had raised the loan from high net-worth individuals last year through the issue of non-convertible debentures and had pledged their shares in Unitech to raise the fund.

The report stated that the investors from whom the funds were raised had issued a notice on January 28, which they threatened to sell the pledged shares in the market on January 31.

Source: Hindustan Times

first published: Feb 11, 2011 06:17 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347