Unitech shareholders to meet on Jan 19

Real estate major Unitech today said its shareholders will meet on January 19 to consider raising of Rs 5,000 crore through issue of securities in both domestic and international markets.

The shareholders would also consider increasing the authorised share capital of the company to Rs 1,000 crore from the current Rs 500 crore, the company said in a filing to the Bombay Stock Exchange.

Last week, the Unitech board had approved the raising of Rs 5,000 crore or equivalent amounts in other currencies, through issuance of further securities.

Meanwhile, the company today said it has received start-up spectrum in four more service areas, taking the total to 20.

The allotment has been made for Assam, Rajasthan, North East and Jammu & Kashmir service areas, Unitech said in a filing to the Bombay Stock Exchange. Now, of the total 22 services areas in the country, the realty major has received spectrum in 20 circles to start its services.

The department of telecommunication (DoT) has issued the letter to company's telecom subsidiary for allotment of 4.4 MHz of spectrum in 1800 MH GSM band in respect to the service areas, Unitech said.

The company had earlier announced its plans to sell a 60 per cent stake in the telecom business to Norway’s telecom major Telenor for Rs 6,120 crore.

Shares of the company were trading at Rs 37.65, or 4.29 per cent up, at the Bombay Stock Exchange.