Key Developments: Unitech Ltd (UNTE.NS)
Latest Key Developments (Source: Significant Developments)
Unitech Ltd:Says a controversial loan granted by Tata Realty & Infrastructure (TRIL) to Unitech has landed in the Bombay High Court with the Tatas suing the Delhi-based real estate company after it defaulted on its repayments - Business Standard.Says Tata Realty had lent close to 17 bln indian rupees to Unitech in 2007 for investment in a large track of non-agricultural land in Gurgaon.The transaction was re-negotiated for a smaller size of land and Unitech refunded 10.08 bln indian rupees back to TRIL and sold land worth 6.02 bln indian rupees.Says due to a slowdown in the real estate sector, coupled with its own liquidity issues, Unitech was unable to return the balance amount of 900 mln indian rupees. Full Article
Unitech Ltd:With reference to an announcement made by Unitech Corporate Parks PLC to sell its entire interest in the portfolio of 6 IT SEZ / Parks in India.Unitech Ltd says that interest of two of the affiliates of Unitech Limited in four of these 6 IT SEZ/Parks stands transferred to an independent third party.These four SEZs are the most mature in terms of their development status.As part of this transaction, certain affiliates of Unitech will continue to manage and develop these assets to ensure that there is no impact on tenants and other stakeholders. Full Article
Unitech Ltd:Says that Unitech Corporate Parks Plc (UCP) received an approach from a third party expressing interest in potential acquisition of its wholly owned subsidiary Candor Investment Limited and it is in discussions regarding a possible sale of this subsidiary.Says it has also been approached by a third party in relation to strategic alliance for carrying out the remaining development of the IT SEZs / Parks under development along with the potential acquisition of its stake in certain IT SEZs / Parks. Full Article
MUMBAI - Property firm Unitech Ltd denied on Wednesday what it called "false and misleading" market rumours of the company defaulting on repayments to lenders, as its stock plunged as much as 50 percent, hitting its lowest in 10 years.