19 Jan 2009, 1224 hrs IST, ET Bureau
Shares of realty major Unitech recouped some of its losses after its board, at the Extra Ordinary General Meeting approved raising of additional long-term funds upto Rs 5,000 crore in other currencies, through issuance of further securities in the company.
The board also approved to increase the authorised share capital of the company from Rs 500 crore to Rs 1,000 crore.
The company's shares took a severe beating Monday on media reports that the Delhi-based real estate company could not mobilise enough funds to repay debts due to mutual funds. The Economic Times, on Friday, had reported that the company had to repay debt to the tune of Rs 1,100 crore to mutual funds this week.
At 12:17 pm, Unitech shares were still down 6.48 per cent at Rs 28.15, but off the intra-day low of 25.75.
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