Unitech issues Rs 300 crores of debentures | INRnews

Mumbai, November 23, 2006 -  Unitech Ltd announced that the Board of Directors of the Company by a resolution passed on November 23, 2006 has allotted 300 Secured Redeemable Non-Convertible Debentures of Rs 1,00,00,000/- each to LIC Mutual Fund, Mumbai on private placement basis.

Unitech is also likely to seek investment from affiliates of Unitech Corporate Parks Plc, in respect of six special purpose vehicles that hold IT park / IT SEZ projects. Unitech Corporate Park Plc is a newly established, externally managed, independent entity incorporated in the Isle of Mann that will focus on real estate investments in IT parks / IT SEZs. The Isle of Man incorporated Company is seeking admission of its Ordinary Shares on the London Stock Exchange's AIM Market. A Unitech subsidiary Nectrus Ltd will provide investment advisory services and Unitech will provide project management services to the AIM listed entity.


By INRnews Correspondent

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