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 TimesDiscover 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!
