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Mumbai: The country's second largest real estate player, Unitech, surged by 4.18 per cent on the Bombay Stock Exchange in early trade on Monday after the company began the process to raise about Rs 2,772 crore through private placement of equity.
Shares of Unitech were quoted at Rs 85.80 on BSE in early trade, a gain of 4.18 per cent over the previous close. On the National Stock Exchange, the shares rose nearly 4 per cent to Rs 85.50.
The company on Friday last week decided to raise over Rs 2,772 crore after receiving robust response from private equity players. Earlier it had planned to raise Rs 1,300 crore through QIP route.
It has received demand worth over one billion dollar for the qualified institutional placement.
Unitech, which had raised Rs 1,621 crore in the second half of April through the QIP route at Rs 38.50 per share, launched the second round at Rs 81 per share.
After the completion of the QIP, the promoters' stake in the company is likely to come down to 36 per cent. However, their stake can increase to 48 per cent after converting warrants into equity share. Promoters hold 51 per cent stake in the company at present.
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