The shareholding of promoters in realty firm Unitech has come down sharply by nearly 13 per cent to 32.61 per cent as on June 30.
Promoters had a stake of 45.54 per cent in the company at the end of the March quarter.
According to shareholding pattern uploaded on the BSE today, Unitech’s promoters have 32.61 per cent stake in the company as on June 30, 2015 as against 45.54 per cent stake as on March 30, 2015.
Over 86 per cent of the promoters’ shares are pledged, as per the shareholding pattern.
Public shareholdings in the company increased to 67.39 per cent from 54.46 per cent during the period under review.
FIIs’ stake has increased to 19.69 per cent from 18.95 per cent, while domestic institutional investors’ shareholding rose to 3.26 per cent from 1.94 per cent.
A company spokesperson declined to comment on the reason for decline in promoters’ stake in the company.
Meanwhile, Unitech shares fell by 8.02 per cent to close at Rs 7 apiece on the BSE. Its market cap stood at Rs 1,830 crore.
With real estate market continuing to remain sluggish, Unitech MD Sanjay Chandra had said last month that the company plans to raise about Rs 200 crore from private equity players to part finance its ongoing housing projects.
“We plan to raise Rs 150-200 crore funding through private equity and structured financing to meet working capital needs of our ongoing projects,” Chandra had said.
The company has raised about Rs 70 crore from Piramal group to complete construction of its joint venture housing project in Chennai.
Unitech’s net debt stood at Rs 6,332 crore as on March 31, 2015. The company presently has ongoing projects in Delhi-NCR, Chennai, Bengaluru and Kolkata. It is facing issue of delays in many projects, but has assured buyers of compensation.
Unitech has already exited from the telecom business.
During 2014-15 fiscal, Unitech’s net loss stood at Rs 128.33 crore against Rs 69.74 crore profit in the previous year. Income from operations increased to Rs 3,431.18 crore in the last fiscal from Rs 2,953.44 crore in 2013-14.