Promoters raise stake to 46.72% in Unitech

The country's second largest realty firm, Unitech, today said its promoters have increased their stake in the company by 0.42 percentage points to 46.72 per cent by converting warrants worth Rs 76.44 crore.

"The committee of directors of the company in its meeting held on June 18, 2010, has allotted 2,00,00,000 equity shares of Rs 2 each at a premium of Rs 48.75 per share to Harsil Projects Pvt Ltd, a promoter group company," Unitech said in a statement.

The promoters have paid Rs 76.44 crore for the conversion of two crore warrants, it added.

"The promoters' shareholding in the company after such allotment on conversion of warrants has increased to 46.72 per cent from 46.30 per cent," Unitech said.

Early this month, the company had announced that its promoters had increased their stake to 46.30 per cent from 45 per cent by converting warrants worth Rs 224.78 crore.

In March also, the promoters had raised their stake to 45 per cent from 43.84 per cent by converting five crore warrants for Rs 190 crore.

Last year in June, the company had issued 22.75 crore warrants convertible into equal number of equity shares at Rs 50.75 per share.

These warrants are convertible into equity shares at the aforesaid price within a period of 18 months, which is on or before December 28, 2010.

After this latest round of conversion, 9,84,43,219 warrants are remained to be converted.

Unitech shares closed 0.36 per cent higher at Rs 70.50 a piece on the Bombay Stock Exchange.