Unitech reschedules loan of Rs 1,000 cr

Unitech, the country's second largest realty firm, which at present is facing a financial crunch, has rescheduled loans of Rs 1,000 crore to banks, out of Rs 2,500 crore that it needs to pay by March this year.

According to sources, Unitech has rescheduled Rs 1,000 crore loans and is negotiating with banks for Rs 500 crore.

The company has a total debt of about Rs 8,000 crore, of which Rs 2,500 crore is to be paid by March.

The Reserve Bank of India has recently relaxed asset classification norms for commercial real estate advances, which are restructured up to June this year.

"As the real estate sector is facing difficulties, it has been decided to extend exceptional/concessional treatment to the commercial real estate exposures which are restructured up to June 30, 2009," the apex bank said.

Last month, Unitech Chairman Ramesh Chandra had said that it was working on many options to mobilise about Rs 2,500 crore to retire part of its debt.

"We are working on many options to raise funds," Chandra had said, adding it could be through sale of some completed projects or offloading equity at project level.

"Debt is about Rs 8,000 crore. I feel that in another 4-5 months, we should be able to bring it to half. Disposal of assets could be anything between Rs 1,200-1,500 crore. Private equity will be another Rs 1,000 crore. And transfer of loans to telecom venture will be about Rs 2,000 crore," he had said.

Among properties, which are on the block for sale is its office building at Saket in the national capital and a hotel in Gurgaon, comprising 199 rooms.

The company's shares were closed at Rs 34.10 on the Bombay Stock Exchange today.