Unitech repays loans to Indiabulls
Real estate major Unitech today said it has repaid the entire financial assistance received from Indiabulls Financial Services. Unitech has repaid on the due date the entire financial assistance received from Indiabulls Financial Services and its affiliates, the company said in a regulatory filing to the Bombay Stock Exchange. “With this, neither the company nor its subsidiaries, affiliates, associates or promoters has any loan, debt or any other outstanding amount payable to Indiabulls Financial Services or its associates,” it added.
There were media reports that the company had pledged its shares to Indiabulls in lieu of the loans it has raised.
Real estate companies have reportedly pledged their shares to financial institutions as collateral for loans they have raised to tide over the liquidity crunch.
Unitech, the second largest realty firm after KP Singh led-DLF, has witnessed the lowest share price ever at Rs 26.60 on October 24 amid market rumours.
Shares of the Unitech today settled at Rs 42.75, down 6.56 per cent on the BSE.
source: BusinessStandard
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