Realty firm Unitech on Friday surged as much as 13 per cent on the bourses, amid the company raising 325 million dollars (about Rs 1,567.75 crore) on institutional placement basis.

Shares of Unitech opened on a firm note and then gained further momentum to witness an intra-day high of Rs 49, a jump of 13.03 per cent from its previous closing price.

A similar movement was seen on the National Stock Exchange, where the company’s scrip opened at Rs 45.10, touched a high of Rs 49, an increase of 13.42 per cent from its last closing price.

Over 75.67 lakh shares changed hands on the BSE and more than 1.95 crore shares got traded on the NSE.

The company, however, pared some initial gains and later quoted at Rs 48, up 10.73 per cent on the BSE and at Rs 48.15, up 11.46 per cent on the NSE.

The fund would be primarily utilised to service the firm’s debt, sources have said, adding that at present the company has a total debt of about Rs 8,400 crore. Unitech had rescheduled most of its debts that were due in the last fiscal.

Popularity: 1% [?]