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.

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.