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Mumbai: Shares of leading real estate firm Unitech on Monday bounced back sharply amid an approval from its shareholders to raise Rs 5,000 crore for long-term funding.
After plunging by over 14 per cent in morning trade, the shares rebounded to trade nearly five per cent up in the afternoon deals.
In a stock exchange filing, the company said that its shareholders at an extra-ordinary general meeting (EGM) approved the raising of additional long-term funds up to Rs 5,000 crore, through issuance of securities in the company.
Unitech was trading 4.82 per cent up at Rs 31.75. The scrip, which opened firm, had later dipped to a low of Rs 25.75, down 14.45 per cent from its previous close. Over 8.42 crore shares changed hands on the bourse.
The company, which is currently reeling under financial crunch, had last month received board approval for raising long-term funds up to Rs 5,000 crore.
Further, the shareholders have also approved the raising of the authorised share capital of the company to Rs 1,000 crore from the existing Rs 500 crore, the filing added.
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