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Unitech to raise USD 1 bn from PE Funds

Unitech Limited, the country’s second largest realty firm, plans to raise nearly US$1 billion (Rs 4,200 crore) in the current financial year from private equity (PE) players for expanding its hotel, commercial and retail business, across the country.

The company intends to raise funds by floating special purpose vehicles (SPVs) in different projects.

Under the proposed plan, the company will invest $300 million on hotel projects while $700 million on commercial and retail projects. The projects will be implemented in cities such as the National Capital Region and Mumbai among others.

Earlier this year, the company had plans to raise $700 million through the listing of a real estate investment trust (REIT) on the Singapore Stock Exchange, and a qualified institutional placement of $1.5 billion in India. But, due to poor & volatile condition of   stock markets, the company postponed its plans.

Source: Top News

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