Unitech in discussions to sell 26%

>> Monday, February 2, 2009

It is learnt that Unitech is in discussions with three private equity players to sell nearly 20-26% of its equity for an projected Rs 25 billion, reports Economic Times.

The funds would go into diluting its debt load, which is currently at Rs 80 billion.

It is learnt that Unitech`s board on January 31, approved the proposal to offload stake in the company, and the management is in discussions with international private equity funds such as TPG Axon, SUN Apollo and Bergruen Holding.

The company would also bring up Rs 7.50 billion by selling its five-star hotel in Gurgaon and an office complex in south Delhi`s Saket business district.

It is believed that this will make it one of the most under leveraged real estate companies in the country.- MyIRIS