DLF and Unitech plans to raise money
Submitted by kanu on Tuesday, 2 December 2008No Comment
Real Estate biggies DLF Assests and Unitech plan to raise some money to py off debts. Both the companies are planning to raise around $450 million and $300 million each respectively DLF Assets, o is looking to raise the money from private equity (PE) players by December for part-payment to another group firm DLF. According to market sources, DLF Assets currently owes DLF around Rs $950 million. Unitech plans to raise money by selling offices, hotel and land in the next 3-4 months to tide over liquidity crunch and pay off debt, chairman Ramesh Chandra said.
The company is in talks with PE funds to sell stakes in 4-5 residential projects to raise over $100 million.
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