Unitech touched a high of Rs 87, and finally ended with a gain of 3.6% at Rs 85. The counter witnessed trades of around 17.57 million shares.
______________________________________________________ (Updated at 1227 hrs)
Unitech has added 4% on starting to raise Rs 2,770 crore through QIPs.
The stock opened 3.5% higher at Rs 85 and surged 5% to the day's high of Rs 86. It is now trading up 3.7% at Rs 85. Over 7.01 million shares have changed hands at the counter on the BSE so far.
The company will use the money to repay part of the company's Rs 7,500 crore debt. This would result in dilution of around 14% equity stake in the expanded equity base of the company. After this, promoters’ stake in the company would come down to 44.7% from the current level of 51%. However, after the conversion of warrants, this would increase to 48 per cent.
Content Guide
