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No Plans of Fund Raising During Medium Term- Unitech
Delhi-based real estate major Unitech has no plans for fund raising in the medium term. In an exclusive discussion, Unitech Managing Director Sanjay Chandra has said the company’s core focus remains bringing down its debt and concentrate on Mumbai as a market. “Our debt-equity ratio stands at 1:0.5,” Chandra said. At the height of the economic downturn in 2008, Unitech faced flak from investors for its high debt and its share prices were hammered down in the stock market.
In 2009, Unitech resorted to asset sales and executed two successful fund raising drives by selling shares via the qualified institutional placement (QIP) route. “We plan to bring down the debt for Rs 1,000 crore from Rs 5,000 crore in a year,” Chandra said. Unitech’s revenues from Mumbai are expected to increase to 40% from 5%, Chandra said, adding that Mumbai and the National Capital Region (NCR) would now contribute 70% of its business. “We are looking at selective land acquisitions in the two regions.”
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