The founders of Unitech Ltd raised their stake marginally in the country’s second-largest listed real-estate firm by converting some of the warrants issued to them, the company said on Wednesday.
The founders’ stake in the company has gone up to 46.3 percent, from 45 percent earlier, after they converted 59 million warrants by paying 2.25 billion rupees ($48 million), Unitech said in a statement.
Last June, Unitech had issued 227.5 million convertible warrants to its founders, to be converted into an equal number of equity shares over 18 months.
So far, the founders have converted 109 million warrants. ($1=46.98 rupees)