Realty giant Unitech has rescheduled loan repayments to banks worth around Rs 1,000 crore, out of Rs 2,500 crore which it needs to pay by March this year. The company has total debt or nearly Rs 8,000 crore, according to a media report.
The Reserve Bank of India recently relaxed asset classification norms for commercial real estate advances, which are restructured up to June this year.
Last month, Unitech chairman Ramesh Chandra had said that it was working on many options to mobilise about Rs 2,500 crore to retire part of its debt. He hoped to cut the debt by half in the next four-five months with harsh initiatives like disposal of assets, the reprt added.
Chandra is contemplating mopping up around Rs 1,200-1,500 crore by offloading assets and transferring some loans to the telecom venture to, which will bring in around Rs 2,000 crore. The company is also looking at tapping private equity for funds worth Rs 1,000 crore.