Unitech's debt at Rs 8900 crore, land bank at 11,178 acres

 

Realty major Unitech has said it has debt of Rs 8,900 crore while its land reserves stood at 11,178.52 acres, as on March 31, 2009. “Financing arrangements give lenders certain rights to determine our operations and we require their consent to undertake any major corporate actions,” it said. As on March 27, Unitech’s promoters had pledged 49.79% stake to banks and financial institutions, it said.

The company has deferred payment of Rs 1,647 crore due in the second half of financial year 2009 via debt restructuring, and has restructured its total debt of Rs 2,316 crore in FY09, it said.

On its operations, the company said it will sell commercial office blocks in Delhi,Kochi and Gurgaon and four hotels currently under construction in Noida, Gurgaon and Kolkata.

“We will induct private equity into some of our projects,” the company, which has been facing a cash crunch, said, adding that pressure continues on sales and its other sources of income in FY10.

It also said it would launch 40 projects in 15 cities in FY10, 90% of which would be residential. Its projects in FY10 would cover 30 million square feet, representing 7% of its total land bank.