ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for charts Register for streaming realtime charts, analysis tools, and prices.

OZM Och Ziff Capital Management Group Inc

20.47
0.00 (0.00%)
After Hours
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Och Ziff Capital Management Group Inc NYSE:OZM NYSE Common Stock
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 20.47 0 01:00:00

UPDATE: Unitech Raising INR16.21 Billion Via Institutional Share Sale

20/04/2009 1:34pm

Dow Jones News


Och Ziff Capital Managem... (NYSE:OZM)
Historical Stock Chart


From May 2019 to May 2024

Click Here for more Och Ziff Capital Managem... Charts.

Unitech Ltd. (507878.BY), one of India's biggest property developers by sales, has received offers worth about INR16.21 billion ($324 million) from institutional investors for its planned share sale, a senior executive said Monday.

The investors include Singapore-based Orient Global, Och-Ziff Capital Management Group LLC (OZM) and U.S.-based Sandstone Capital LP, the executive, who asked not to be named, told Dow Jones Newswires.

The government of Singapore, HSBC Holdings PLC (HBC), and Prudential PLC (PRU.LN) are the other investors, the executive said.

IDFC-SSKI Ltd., UBS Securities India Pvt. Ltd. and Morgan Stanley India Company Pvt. Ltd. were the joint global coordinators and bookrunners to the issue.

Unitech's fundraising mirrors plans by other realtors to raise money by selling stakes in current projects or land assets as higher borrowing costs and elevated property prices despite a slowing economy has damped demand for apartments and commercial complexes in India.

"The issue has been subscribed nearly three times," the Unitech executive said.

The company had said it would sell no more than about 421 million shares at INR38.50 apiece. The shares can't be sold in the first year of allotment except on the stock exchanges, according to the placement document. The shares are expected to be issued on or about April 22.

About 90% of the issue has been subscribed by foreign institutions and the remainder by Indian investors, including two to three private insurers, he said.

Unitech plans to use the funds from the issue to repay debt, construct and develop new projects, and for other general corporate purposes, the document said.

"This issue will give us the liquidity to kickstart a number of projects," the executive said. "We will be able to convert our land into projects and generate cash flows."

Unitech is currently developing 30 million square feet of space in residential, commercial, retail, amusement park and hospitality sectors, according to the document.

The company plans to increase its focus on building affordable housing by offering apartments in the INR2 million-INR5 million range, it said, adding it has land reserves of 11,178 acres as of end-March.

Unitech has reduced its total debt to INR84 billion currently from INR89 billion at the end of March. It sold off a hotel at Gurgaon, in the northern state of Haryana in January for INR2.31 billion. In addition, the company is exploring the possibility of selling a commercial officer block in New Delhi and some projects at Gurgaon and the southern city of Kochi.

Unitech is also planning to sell four hotels in Noida and Gurgaon in northern India and Kolkata in the east.

Shares of Unitech closed 2.2% higher Monday at INR53.75 on the Bombay Stock Exchange, compared with the benchmark index, which remained almost unchanged at 10,979.50. The company's shares are up 28% since January, outperforming a 13% rise in the main index.

 
   -By Santanu Choudhury, Dow Jones Newswires: +91-11-4356-3305; santanu.choudhury@dowjones.com 
 
 
 

1 Year Och Ziff Capital Managem... Chart

1 Year Och Ziff Capital Managem... Chart

1 Month Och Ziff Capital Managem... Chart

1 Month Och Ziff Capital Managem... Chart