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Unitech’s Plan to raise USD 700 Million in Convertible Bonds Overseas Runs into Trouble

Real estate firm Unitech’s plan to raise USD 700 million in convertible bonds overseas has run into trouble with financial regulators opposing a waiver of a three-year lock-in for such investments, a newspaper said on Tuesday. Despite the opposition from the Finance Ministry and the central bank, the Foreign Investment Promotion Board, responsible for approving such investments, would review the issue at its next meeting, the paper said citing a government official familiar with the development.

Unitech officials could not be immediately reached for comment. Unitech has argued the convertible bonds should be treated as debt until they are converted into shares.

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