New Delhi, Dec 14 (PTI) HDFC has sold 1.29 crore sharesof Unitech in the open market and invoked nearly 8.2 crorepledged shares of the crisis-hit realty firm.
HDFC Ltd has sold 1,29,19,566 shares carrying votingrights worth 0.49 per cent stake, and invoked 8,19,88,820pledged shares worth 3.13 per cent stake, according to aregulatory filing.
Promoters hold 17.92 per cent stake in Unitech, of which73 per cent is pledged, as per the shareholding pattern at theend of the second quarter of this fiscal.
Unitech's share price closed marginally up at Rs 6.67apiece on the BSE today. The company's market cap stood ataround Rs 1,750 crore.
Unitech is facing huge protest from home buyers becauseof delay in completion of about 70 projects involving morethan 16,000 flats.
Yesterday, the Supreme Court stayed the December 8 orderof the NCLT allowing the Centre to take over the management ofUnitech.
The National Company Law Tribunal (NCLT) had suspendedall the eight directors of the realty firm over allegations ofmismanagement and siphoning of funds and authorised the Centreto appoint its 10 nominees on the board. The government hadmoved NCLT to protect the interests of about 20,000 homebuyers.
In a statement yesterday, Unitech said the apex courtorder will help the company in completion of the projects andalso refunds to customers.
"We will now work on getting the various accounts andreceivables active again which were affected as consequence ofthe order dated December 8th.
"We strongly believe that the current management isbetter equipped to handle the completion of the 74 projectsthat are in various stages of construction," the statement hadsaid. PTI MJHABM.
This is unedited, unformatted feed from the Press Trust of India wire.