Just yesterday we broke the news that Unitech was trying to raise about USD 1.5million via a QIP issue. Part of that money was going to be used for their Bombay project, in which they were looking to acquire 80 acres of land at an investment of Rs 4,000 crore. Theres a CLSA report dated January 8 as well, which talks about a lot of fundraising for Unitech, in fact, to the tune of about USD 1.4billion. In fact they say that they will raise about USD 600 million on a Singapore listing as against the current listing on AIMs, and a further USD 800 million in FY09.
Unitech has come out on with a formal notice on the Bombay Stock Exchange today and said that they have finally got clearance from the Singapore Stock Exchange to go ahead and list their REITs which would be under the Unitech Office Trusts on the Singapore Stock Exchange. This happened yesterday.
What we understand is, there are a whole host of subsidiaries of Unitech Office Trust which will completely acquire the share holding of three Indian Companies, Unitech, the listed entity being one of them, Unitech Corporate Parks, which is listed on the AIMs and a third company called Maxion Ltd. So once Unitech Office Trust and their subsidiaries completes a complete shareholding acquisition of these three Indian companies into their company, they will in turn allot units to them once they essentially list because thats how the REITs are traded, you exchange units on a particular exchange.
More : moneycontrol.com
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