Unitech promoters repay Rs 89 cr to a clutch of investors

Unitech promoters have repaid Rs 89 crore to a clutch of investors from whom they had borrowed about Rs 250 crore a year ago by pledging their shares in the country's second-largest realty firm.

"The promoters have already paid Rs 89 crore and the remaining Rs 89 crore (of outstanding Rs 178 crore) would be repaid by the second week of February," a company source said here today.

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

Following this, the Unitech promoters moved the Delhi High Court on Sunday and got a stay on the proposed share sale by the investors.

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

The total outstanding by the end of last week was Rs 178 crore, which the Unitech promoters were required to pay by May. The promoters have started repaying the amount, the sources added.