Promoters stake in Unitech falls to 26.77 per cent

Realty firm Unitech’s promoters stake in the company has come down to 26.77 percent during the quarter ended March, according to a PTI report.

Promoters stake stood at 26.77 percent in Unitech at the end of the January-March quarter as compared to 30.14 percent as of December 31, 2015, according to a regulatory filing.

Unitech promoters had a 41.13 percent stake at the end of 2014-15 fiscal.

In February, Unitech had reported a consolidated net loss of Rs 16.10 crore for the quarter ended December on a sharp rise in the finance cost as against a net profit of Rs 43.33 crore in the year-ago period.

The company’s consolidated net debt as of December 31, 2015, stood at Rs 6,802.05 crore.

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Meanwhile, Unitech is looking to raise about Rs 500 crore from private equity firms for the development of housing projects in Noida and repay LICs debt.

LIC had issued a notice to e-auction Unitech’s 14 lakh sq meter land in Noida on May 6 if the realty firm does not repay the entire dues before that date.